Vida Homeloans processing cases from October?!
It seems a mixed bag from a brokers perspective at the minute when it comes to lender service levels.
I am not one to single out a particular lender and we are keen to offer our congratulations and name a lender or insurer who goes above and beyond. We are great believers that any company or organisation is only has good as the people that work within that and it is those individuals that make the difference.
We have to understand and accept the current circumstances we face are unprecedented (as we are frequently reminded), and my personal opinion is that some lenders have genuinely tried to adapt and help service both the broker and their clients. However it is also my opinion some lenders just haven't got to grips with the situation even though we are several months down the line, or is it that they just do not care too adapt?
Entering the middle of the 1st week of January 2021 and having a lender processing cases that were received back in October 2020 just is not acceptable. It is unclear wherever it is a processing, staffing, management, or another issue but I welcome an explanation from Vida Home Loans in explaining how such a scenario could arise so we can feedback to clients. It would be interesting to hear their reasoning when other lenders have adapted so well.
There were issues with other lenders such as HSBC and Nationwide that entered back into the market offering 90% mortgages but I think it would be unfair to suggest this was bad management when really the delays were due to the sheer volume in cases received. This showed the urgent need of this type of product within the market. If anything we should perhaps be thanking these lenders for being bold to offer something other lenders had retracted thus helping to see a continuation in the property market, and assisting buyers that could not proceed without this product availability. Thankfully many other lenders have also now returned to the 90% market.
Going back to the point that some lenders have adapted very well in the current climate, we see some lenders introducing new portals and or making technological changes to try and be more efficient. One lender in fact has recently produced an offer on a new purchase within 4 days of submission.
Adapting the way in which valuations are processed, cases are underwritten and with efficient systems in place to accept the case means a streamlined application process for all parties. There has been some positive revolution to certain areas of mortgage processing which although perhaps forced upon the lenders due to circumstances known, has meant a fresh look at how we as an industry can do better for both our clients and internal staff.
We are of course approaching the end of the stamp duty holiday which is pivotal in enabling some transactions to complete. With this in mind I think all buyers need to be aware of such vast difference's in certain lenders service levels.
Utilising the knowledge and expertise of a broker that is aware of such concerns can help ensure a recommendation is made that considers this with any other preferences you may have to avoid a transaction failing and avoid unnecessary stress.
Contact a mortgage adviser now if you require assistance on 01908 322 223 or speak to us using our online live chat facility.