Speaking on a Mortgage Solutions video debate in association with HSBC UK about which part of the mortgage process caused delays, the panel said conveyancing was the cause of some of the pain points.
Chris Pearson, head of intermediary mortgages at the bank, said one way to resolve this could be to introduce legal documentation upfront.
“A simpler solution would be… trying to do some of the legals – not all of them – but certainly some of them, so that the vendor produces a pack of legals that’s already pre-done so that we don’t have a lot of longer-term wait times.
“That feels like a short-term win,” he added.
Take control of tech
David Baker, managing director of Lift Mortgages, questioned why other industries in the mortgage market had not yet caught up when it came to using technology to improve efficiency.
He said: “Other industries have got to help us as well because we’ve all got to come together. My job is to get the money in place and that will take – a bad case – three weeks. Well, no one completes in three weeks, so we’ve done our job in time, no problem at all.”
He added: “A lot of the time it’s down to other areas to try and pick those things up. Why do some local searches in some areas take 40 or 50 days?
“If I didn’t reply to clients in 50 days, I’d have no business.”
*Filmed on 1 August
Watch the full video [10:11] hosted by Shekina Tuahene, commercial editor at Mortgage Solutions, featuring Chris Pearson, head of intermediary mortgages at HSBC UK, Jo Carrasco, business partnerships director at Stonebridge and David Baker, managing director of Lift Mortgages.
Sponsored content in association with HSBC UK. For Intermediary Use Only