Only 27% of mortgages for banks and 15% for mutuals are currently sold through their branch networks, according to Avelo’s inaugural Mortgage Efficiency Survey.

Of the 70% of the mortgage market surveyed, mutuals were found to lean more heavily (75%) on the intermediary market, with almost twice as many sales being originated in this way compared to banks (35%).

On average 18% of offers were produced within five days, with banks higher at 30% and mutuals lower at 12%. Looking at offers made within 14 days, the average was just over 73%, this time mutuals achieving a one percentage higher average rate than banks. Offers made within 30 days had an overall average of 89% across all lenders.

“We were really encouraged by the response to the survey and the appetite from lenders to examine strengths, weaknesses and opportunities in current processes with a view to improving efficiency,” said Henry Woodcock, principal mortgage consultant, Avelo.

“Time to offer is seen by lenders, applicants and intermediaries as the key measure of efficiency and customer service.

“It will be extremely interesting to see what changes are put in place over the next 12 months and the impact these have on mortgage efficiency.”