Mortgage brokers are moving first-time buyers through early stages of the application process in a matter of days, although delays beyond submission continue to slow overall timelines.
New research from Boon Brokers suggests that the intermediary sector is delivering a largely efficient service for first-time buyers, particularly in the initial stages of the mortgage journey, with most key milestones achieved within a matter of days.
The study, based on buyers who purchased a property in the past 12 months using a broker, found that the majority of activity from initial enquiry through to full mortgage application submission is handled swiftly. However, processing times lengthen once cases move beyond broker control.
EARLY-STAGE SPEED REMAINS STRONG
According to the findings, 44% of first-time buyers secured a consultation with their broker within one to two days of making an enquiry, while a further 31% waited three to five days. Only 6% reported receiving a same-day consultation.
A similar pattern is seen at the agreement in principle stage, where 46% of buyers received a decision within one to two days of their consultation and 30% within three to five days. One in 10 obtained an agreement in principle on the same day.
Following offer acceptance, brokers also maintained momentum. Some 47% of buyers saw their full mortgage application submitted within one to two days, with 9% achieving submission on the same day. Just 6% waited more than 10 days.
These figures point to a consistent level of responsiveness across the intermediary sector in managing documentation, assessing cases and progressing applications quickly during the early phases of the transaction.
BOTTLENECKS EMERGE POST-SUBMISSION
The data indicates that timelines begin to extend once applications move into underwriting and valuation stages. Only 11% of buyers received a mortgage offer within seven days of submission, while 35% waited between eight and 14 days and 29% between 15 and 21 days. More than a quarter waited longer than three weeks.
As brokers are reliant on lenders, underwriters and surveyors at this stage, these delays are largely outside their direct control.
Overall, 43% of respondents received their mortgage offer within 15 to 30 days from initial enquiry, while 37% reported timelines of 31 to 60 days. Just 10% completed the process in under two weeks.
HIGH LEVELS OF CLIENT SATISFACTION
Despite the extended timelines in later stages, satisfaction levels remain strong. A quarter of first-time buyers said they were very satisfied with processing speeds, while 53% were somewhat satisfied. Only 5% reported dissatisfaction.
This suggests that borrowers broadly recognise the distinction between broker-led activity and delays driven by third parties.
VARIATIONS BY GENDER, AGE AND LOCATION
The research also highlights notable differences in experience across demographics and regions. Female buyers reported faster progression at each stage of the journey, with 59% receiving a consultation within two days compared with 33% of male buyers. Similarly, 68% of female buyers received an agreement in principle within two days, versus 33% of males.
Older first-time buyers tended to experience longer waits, particularly those aged 45 to 54, who recorded the slowest timelines across consultation, agreement in principle and mortgage offer stages.
Regional differences were also evident. Bristol recorded the fastest consultation times, Birmingham led on agreement in principle turnaround, and Sheffield showed the quickest application submissions. Bristol and Sheffield also recorded the fastest mortgage offer turnaround times, while Birmingham ranked highest overall, with 73% of buyers receiving an offer within 30 days.
