Mortgages taking longer to be finalised – survey

The Mortgage Efficiency Survey, conducted by financial services technology provider Avelo, polled lenders that represented 57 per cent of the gross mortgage lending market that covered more than £82bn of home loans and more than 8600 branches.

It revealed that 30 per cent of mortgages had been sold through branches in 2013, up from 22 per cent in 2012, while the market share of mortgage sales through intermediaries fell during the past year from 67 per cent to 53 per cent.

Despite the decrease, intermediary sales were the most effective channel as 62 per cent of applicants secured an offer.

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Gordon Ede, partner of Hampshire-based GDC Associates, said: “Overall I haven’t experienced these types of delays. If an application is straightforward it will go through fine, but it depends on the lender.”