Lender with the quickest turnaround time

[thenortherner]

Hi all,

I'm needing to complfete on a house purchase 40 days from now. It's no chain, my LTV is favourable, and what I want to borrow is well within affordability criteria based on my earnings / no debts etc. Basically it should be a straightforward application.

Given time isn't on my side, I'm wanting to go with a lender with the least backlog in applications or who are known to turn things around very quickly.

Has anyone any recommendations?

[Dsdans]

Natwest have been good for me so far.
Just over 3 weeks from booking in affordability meeting to having an offer. 3 days to transfer funds.

[thenortherner]

Dsdans said:

Natwest have been good for me so far.
Just over 3 weeks from booking in affordability meeting to having an offer. 3 days to transfer funds.

Great. I bank with them. No idea of that'll actually make a difference though.

[Rob_125]

Was in a similar position last year. Seller needed to complete ASAP, after previous sale fell through.
Agent recommended Halifax for fast processing.

Offer accepted late Friday evening. Went on halifax website Saturday morning, started the application process, immediately had a zoom call to discuss and setup.
Monday, online valuation conducted, mortgage approved.

It was crazy how fast they did it. Please note the property was only 7 years old, which I why I guess there was no requirement for a proper onsite valuation.

We completed in 5 weeks...after being held up by the incompetent solicitor I used (the one the previous buyer used)

But yes, very swift.

[thenortherner]

Rob_125 said:

Was in a similar position last year. Seller needed to complete ASAP, after previous sale fell through.
Agent recommended Halifax for fast processing.

Offer accepted late Friday evening. Went on halifax website Saturday morning, started the application process, immediately had a zoom call to discuss and setup.
Monday, online valuation conducted, mortgage approved.

It was crazy how fast they did it. Please note the property was only 7 years old, which I why I guess there was no requirement for a proper onsite valuation.

We completed in 5 weeks...after being held up by the incompetent solicitor I used (the one the previous buyer used)

But yes, very swift.

Thank you. I might speak with a broker tomorrow and explain the situation, and see what they reckon. They should know who's most likely to accept me given my circumstances and who'll turn things around fastest.

I could do without the pressure in what's already a stressful time. BoE due a review in 11 days and I'm keen to avoid another hike too.

[thenortherner]

Oh, and the property is a 25 year old 'box' but it suits my needs. I'd imagine it'd be as low a risk as it gets and doubt they'll bother to come out and value it for that reason, and because the LTV is in their favour if things ever went wrong.

[Sarnie]

Speak to a broker.

Avoid Natwest.

[Turn7]

I have also heard that Halifax are turning some deals arounf very fast of late.

[Mabbs9]

Op, Sarnie gives good advice. He's spoken well of on PH and is a broker himself.

[22]

NatWest here too. 10 days from online application to offer (although a year ago). It did need the intervention of an underwriter and I think the human involvement actually helped get things through. We weren't in a hurry, just was quick.

Sadly, there will always be folk with less favourable stories; same as anything done in large numbers.

[Beetnik]

You need some clout; speak to a broker.

[Gtom]

Speak to Sarnie, he has been very good (and patient!) in sorting things out for me.

He is highly recommended on here.

[Seven8Seven]

Halifax, my Mrs is a broker…

[anonymous-user]

Sarnie said:

Speak to a broker.

Avoid Natwest.

Strange, I am currently with Natwest and their renewal was the best I could find. I spoke to the broker who organised the mortgage originally and after he searched Natwest were still the cheapest.

The rate he was offered was marginally better than the rate I was offered, and due to the fact I was going to renew anyway he organised the better rate for free. Obviously he got a kickback from Natwest that made it worth his while, but he didn't charge me a fee.

Why are you saying don't go with Natwest, surely the best provider to go with is the one who provides the cheapest rate?

[thenortherner]

Thanks, all. Sorted.

Re. the best mortgage being the one with the best rate. If things were simple, then yes, I'd agree that'd make total sense. But the best mortgage sometimes is the one you're most likely to be accepted for or depending on cirumstance, the one where a lender offers the quickest turnaround.

The difference between the 'best' and the rate I get with the quickest turnaround is about 30 quid a month. My rent is £675 per month. There's nothing much separating the cheapest and the fastest all things considered.

[Capcom]

Joey Deacon said:

Strange, I am currently with Natwest and their renewal was the best I could find. I spoke to the broker who organised the mortgage originally and after he searched Natwest were still the cheapest.

The rate he was offered was marginally better than the rate I was offered, and due to the fact I was going to renew anyway he organised the better rate for free. Obviously he got a kickback from Natwest that made it worth his while, but he didn't charge me a fee.

Why are you saying don't go with Natwest, surely the best provider to go with is the one who provides the cheapest rate?

If you read the title of the thread, he didn't ask about rates

[Sarnie]

Capcom said:

If you read the title of the thread, he didn't ask about rates

^This......

[jayxx83]

Accord managed to do an offer within 4 days last week. All the high st banks are backed up. If a desktop valuation can be done it should be relatively quick.

Rates however are nearer 4pc now.

[thenortherner]

LTV is good - 30% deposit, and the value of the property pretty low at £200k. It's only 20 years old. So all in all, low risk I'm assuming. I'm hoping for a desktop valuation.