Lenders' application processing times have reduced from 14 to 10 days

Dariusz Karpowicz of Albion Financial Advice said: “Yes, there has definitely been improvement, and it’s great to see high street lenders cutting down their processing times from 14 to 10 days.

“However, there’s still a lot of room for innovation. With technology advancing so rapidly, things like keying a lot of information manually that can be checked using online integrated systems should already be a thing of the past.

“Some lenders are leading the way by utilising open banking for income verification, desktop valuations, and offering mortgages in as little as four days.

“This should be the standard across the board. Now if only conveyancers could take the hint, because that side of things seems to be getting slower every year.”