A new study from Boon Brokers suggests that broker-led mortgage journeys are delivering markedly faster outcomes for first-time buyers, with turnaround times in some cases reduced to a fraction of typical industry norms.
According to the research, mortgage offers were issued in as little as one working day in standout cases, with other applications completed within a week. This compares with an industry average of around 10 working days, indicating that broker-managed applications can be processed up to 90% faster when cases are fully packaged and aligned with lender criteria from the outset. The study attributes these gains to detailed fact-finding, accurate affordability assessments, and proactive case handling that reduces the need for repeated underwriter queries.
The data reveals that 44% of first-time buyers waited between 1-2 days before they had a consultation with their mortgage broker following their initial enquiry. 31% waited between 3-5 days and 11% waited 6-10 days. Just 6% had a consultation on the same day as their enquiry.
The data is broadly similar for the next stage of a broker’s processing. 46% of first-time buyers waited between 1-2 days to receive an agreement in principle (AIP) following their consultation. 30% received their AIP between 3-5 days and 11% waited 6-10 days. 10% of first-time buyers received their AIP on the same day as the consultation.
Once a first-time buyer’s offer was accepted on a property, 47% waited between 1-2 days before the full mortgage application (FMA) was submitted by their broker. 28% waited 3-5 days and 11% waited 6-10 days. Again, almost 1 in 10 (9%) saw their FMA submitted on the same day as their accepted property offer. Only 6% of first-time buyers had to wait more than 10 days for their FMA to be submitted.
Following the full mortgage application submission, only 11% of first-time buyers received their mortgage offer in 7 days or less. 35% waited 8-14 days and 29% waited 15-21 days. 26% of first-time buyers waited over 21 days for their mortgage offer.
From the initial enquiry to the end of a broker’s involvement when an offer is issued by the lender, 43% of respondents confirmed that the process took 15-30 days overall. Closely behind, 37% confirmed that the process took 31-60 days. Only 10% of respondents received their mortgage offer within 14 days from their initial enquiry.
When reflecting on their mortgage experience, 25% of first-time buyers were ‘very satisfied’ with their mortgage processing speed and 53% were ‘somewhat satisfied’. 16% were neutral and only 5% were dissatisfied.
Crucially, client satisfaction is high, with 78% of buyers satisfied with the efficiency of their service.
