Despite the Mortgage Market Review being introduced over 12 months ago, waiting times for mortgage appointments in banks have not fallen, according to Legal and General.
The group’s adviser availability survey aims to highlight how long consumers have to wait before getting an appointment at a bank to discuss their mortgage options.
In September 2014, it took an average of three weeks to book a weekend appointment. That figure has now fallen to two weeks. However, waiting times during the week have remained almost static, only rising slightly from 7.8 days to 7.9 days.
With the introduction of the MMR in April last year, banks were required to offer advice to those taking out a mortgage to make sure they are provided a suitable product.
L&G said this has put pressure on banks to train staff to meet the new regulatory requirements, meaning fewer qualified advisers are on the ground and in branch, with many borrowers waiting longer for an appointment with an adviser.
The ‘secret shopper’ survey covered six of the largest high street lenders with branches in London, Manchester, Swindon, Ipswich and Bristol.
Jeremy Duncombe, director at L&G Mortgage Club, said that 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.”
He added that waiting times in banks contrast sharply with brokers, who in the vast majority of cases were 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,” added Mr Duncombe. “They will be able to see them at short notice and help to find the right deal to suit their circumstances.”
ruth.gillbe@ft.com
