UK homebuyers spent 100,000 years waiting on mortgages in 2015

Charlotte Manning

July 13, 2017

Homebuyers in the UK spent a cumulative 100,000 years waiting for mortgage applications to be processed in 2015, according to research by Dwell.

In response to this Dwell has launched Mortgage Checks which is designed to help people assess how complex their case is and which lenders will lend to them.

Currently, anyone applying for a mortgage using online mortgage brokers will only be shown the rates on offer, without checking whether they are eligible for the product.

Pradeep Raman, chief executive of Dwell, said: “While a major life ambition for most people, the fact remains that buying a house routinely tops lists on surveys of the most stressful life events, and initial timewasting is a big factor in this.

“For those who have a timeline for their purchase or move in mind, delays can have a material impact as well as the time and anxiety involved with preparing a mortgage application.”

This comes as CML research found that 84% of companies believed technology could improve customer experiences and relationship.

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