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Banks open for weekend underwriting as mortgage demand soars

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  • 10/08/2020
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Banks open for weekend underwriting as mortgage demand soars
High street banks have ramped up their out of hours underwriting operations to keep on top of soaring demand for mortgage finance.

 

HSBC and Santander have both asked their mortgage underwriters to work weekends as pent up demand and the stamp duty holiday drive up business volumes.

Mortgage network Primis, which has a 9.2 per cent share of the mortgage completions market, reported that July was its strongest month for applications this year. Applications are 20 per cent up on the same period last year, and 16 per cent ahead of June.

Brokers thanked the banks over LinkedIn for continuing to underwrite applications over the weekends.

TSB meanwhile, has been praised by brokers for regular updates about its service levels.

David Baker, managing director of Lift Mortgages, said: “We get an update whenever TSB is changing the length of time it will take to respond to new applications. If service standards are going to change, we would rather banks be honest about it so this is appreciated.”

Michelle Andrews, head of buying a home for HSBC UK, said: “We take enormous pride in our service to brokers and customers and we have worked hard to support the housing market during this uncertain time.

“There has been high demand for our products as one of a smaller number of lenders operating in the higher loan to value space since Covid-19, as well as supporting our customers who need us through payment holidays.”

HSBC said it had focused on developing a new working approach over the last two years which now means underwriting can be carried out seven days a week.

“Since the pandemic hit, we have been supported by our talented colleagues in the business. So if you receive an offer at the weekend from us- it’s true- we are working to help our customers during this difficult time,” the lender added.

Santander said its underwriters had been offered the opportunity for weekend overtime as they had done in the past when business needs arose.

 

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