Adrian Moloney | 14.12.2022
Never mind the 12 days of Christmas, the last 12 months in the mortgage industry have had their challenges. We’ve experienced four Chancellors of the Exchequer, three Prime Ministers, two Monarchs and a bank base rate rise to the highest it’s been since 2008.
Our clients faced uncertainty due to these frequent and unprecedented changes. We found the insecurity surrounding interest rate rises caused a surge in demand as clients searched for mortgage products to help fix their payments.
This demand put pressure on those working in the mortgage industry and we were certainly affected by the high volume of applications we received.
We were unable to process our client’s cases to the high standard we always strive to meet, meaning there were long delays, frustration for all parties involved and we even had to temporarily withdraw our product range to help manage our cases.
We enjoy working collaboratively with brokers to achieve the best possible service for our clients and in light of these circumstances, we’ve been trying our hardest to improve our turnaround times.
We’re pleased to confirm our processing times are now back to normal. And, to make it easier for you to keep an eye on how long your case should take to process, we’ve added a processing time page on our website. The page is updated daily to ensure you can always get an indication of how long it should take for your case to be processed.
As well as that, we’ve significantly expanded our solicitor panel to give you even more choice of legal expertise when submitting your limited company and LLP applications.
We now also have the ability to extend offers to seven months in certain circumstances, providing you with greater flexibility to help meet your clients’ needs.
We appreciate that you’ve likely felt unsatisfied over the last few months and we want to say thank you for your patience and understanding. Your support during these difficult times has meant we’ve finally been able to get our service levels back on track.
Forewarned is forearmed. Proper preparation prevents poor performance. Fail to prepare, prepare to fail… there are so many sayings about the importance of planning ahead that I’m always amazed when I hear about people making big decisions without carrying out the necessary due diligence.
Over the past few years, we’ve seen many ‘part-time landlords’ leaving the buy to let industry and selling their rental properties because of increased taxation and higher mortgage interest rates, as well as tighter rules and restrictions. Their exit has made way for more portfolio landlords and resulted in increased professionalisation within the sector. This trend is borne out in findings in OSB Group’s Landlord Leaders report which found that 73% of brokers and 64% of landlords agree that the sector is professionalising1.
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