The dawn of the 22-minute mortgage?

Atom Bank recently announced via Twitter that it processed a mortgage from application to offer in 22 minutes. This amazing feat is something of an exception, currently not the norm. In this year’s IRESS Mortgage Efficiency Survey: 'Will Mortgage Tech Power 2018?' the number of instant and within five days offers fell by over 45% over 2016, and they were also lower this year than in both 2015 and 2014.

Can we reverse this trend and herald the dawn of the 22-minute mortgage across all lenders?

Henry Woodcock - Principal Mortgage Consultant

"The Mortgage Market Review (MMR) represented such a huge change in mortgage rules, it is hardly surprising that its effects are still apparent in the efficiency of the market more than three years later. Average number of days to offer, a key measure of efficient customer service, remain higher than pre MMR levels. But lenders are making some progress, with the percentage of offers made in ten days or less seeing the sharpest year-on-year increase at 12%. Atom’s 22-minute mortgage offers further hope for the future. We’re seeing new entrants and challenger banks coming to market with cutting-edge digital propositions as well as significant investment from traditional providers in digital technology. This all points to a vibrant market looking to remove manual processes, increase efficiency and speed up approvals across all channels."


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