There has been a significant rise in waiting times for mortgage appointments in banks since the implementation of the Mortgage Market Review (MMR), according to research from Legal & General.
The research showed that consumers have to wait an average of three weeks for a weekend appointment at a bank, causing delays for borrowers who are looking to receive appropriate advice on mortgage deals. For those who are able to attend a bank during traditional working hours the wait falls to seven days; however the process can still be long and high street lenders are unable to give whole of market guidance, potentially causing consumers to miss out on the deal best suited to their specific circumstances.
The research revealed that the situation is the same across the country, with banks in Manchester, Swindon, Ipswich and Bristol all struggling to offer the flexibility for weekend and evening appointments. This issue has been exacerbated by the implementation of the MMR in April, which means that banks are required to offer customers advice when they take out a mortgage, as well as undertake more stringent affordability checks. This, coupled with a rally in the housing market has led to an increased demand for advisers that some banks seem to be struggling to meet.
Jeremy Duncombe, director at Legal & General Mortgage Club, said: “For those who work full time, it is not always possible or practical to take time out of the office for mortgage appointments. With the mortgage market in such a dynamic place at the minute, it is important that borrowers are getting timely advice they need to enable them to make one of the biggest financial decisions of their lives.
“As properties are in such high demand, and rates at record lows, many consumers are unwilling or unable to wait three weeks to see a bank adviser, especially if they are ultimately unable to help, forcing the borrower to start the process all over again with another lender. A great option for borrowers who find themselves in this position, is to visit a mortgage broker instead.
“Brokers not only have access to the whole market when it comes to assessing mortgage deals, but they often also have a greater flexibility of hours than banks, meaning that consumers will be able to cut down the waiting time when they’re ready to make an appointment.”
