Covid restrictions and high demand for mortgages create delays in property process
Homebuyers who want to take ad-vantage of the stamp duty holiday have been warned to act quickly as high demand for mortgages and coronavirus restrictions are creating delays in the process.
David Hollingworth of brokers L&C said getting a mortgage was taking about double the usual time as lenders struggled with the volume of business, and needed longer to review some applications. “To get a mortgage offer in normal times you are usually looking at a couple of weeks from the application,” he said, “Now you could be expecting it to take at least a month, or possibly longer.”
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