The latest ‘adviser availability survey’ from Legal & General has found that waiting times for mortgage appointments in banks have not fallen despite the Mortgage Market Review (MMR) being introduced over 12 months ago.
The adviser availability survey aims to highlight how long consumers have to wait before getting an appointment at a bank to discuss their mortgage options. The ‘secret shopper’ survey covered six of the largest high street lenders with branches in London, Manchester, Swindon, Ipswich and Bristol.
When Legal & General carried out the same survey in September 2014 it took an average of three weeks to book a weekend appointment, a figure that has now fallen to two weeks. However, waiting times during the week have remained almost static, only rising slightly from 7.8 days to 7.9 days.
The introduction of the MMR in April 2014 means banks are required to offer advice to those taking out a mortgage to make sure they are provided a suitable product. This has put pressure on banks to train staff to meet the new regulatory requirements meaning fewer qualified advisers are on the ground and in branch. As a result many borrowers are waiting longer for an appointment with an adviser.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “Our research clearly shows that borrowers still face a considerable wait to secure a mortgage appointment with a bank, despite the MMR being implemented 12 months ago. With activity in the housing market likely to pick up over the coming months, it seems many borrowers will have to wait to see their options and get the advice they need. With historically low interest rates at the moment people will want to move quickly to secure deals so any delay in arranging a mortgage appointment may leave many borrowers frustrated.
“Waiting times in banks contrast sharply with brokers. In the vast majority of cases they are able to see clients far quicker, often on the same day. Brokers also cover the whole of the market meaning they will be able to offer consumers a greater range and choice of suitable mortgage products. Anyone who is struggling to get an appointment with a bank should seriously consider using a broker. They will be able to see them at short notice and help to find the right deal to suit their circumstances.”
