Customers face two week appointment wait

Mortgage Introducer

June 26, 2015

Currently it takes borrowers who want a weekend appointment two weeks to see an adviser, while waiting times in the week stand at 7.8 days.

Weekend appointment waiting times hit a peak of three weeks in September 2014.

Banks have been required to offer advice since the introduction of the MMR in April 2014.

Jeremy Duncombe, director at 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.”

The survey covered six of the largest high street lenders with branches in London, Manchester, Swindon, Ipswich and Bristol.

He added: “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.”

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