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Pressure pays as lenders cut times to completion

It’s time once again to again to look at the performance standards of the main lifetime mortgage providers.

With apologies for repeating myself, the issue of timescales is still central, maybe not always in the mind of the consumer but certainly when other factors are taken into account.

Timescale will have a bearing on cancellation rates, even where it is not a priority. It’s now quite clear that consumers don’t suffer poor service gladly in the equity release market.

The providers showing quarter on quarter improvement are:

l National Counties: overall reduction 25 daysl Northern Rock: overall reduction 12 daysl Hodge Equity Release: overall reduction four days.

Keith Barber, controller of product and business development for National Counties, believes the improvement comes as a result of “looking at everything we are doing, listening to feedback and trying to act on it”.

A provider showing a quarter on quarter reduction in standards is Mortgage Express – overall increase: 13 days.

Dean Mirfin is business director at Key Retirement SolutionsRoger Hillier, product development manager for Mortgage Express, says: “We appreciate there have been problems but have been working hard to resolve them”.

The indications are that lifetime mortgage providers on the whole are listening and this is reflected in the fact that many of them comment on the the fact that they are seeing fewer cancelled cases.

Whether these improvements are as a result of pressure from advisers or from consumers, the result is that we have seen a fall in timescales to completion, quarter on quarter. This, along with the consistent fall in the number of cancelled cases, is a positive for all in the industry.

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