Banks opening mortgage operations over weekends

August 16, 2020 by Brendan O'Neill

Lenders

A number of major banks in the UK have made the decision to operate their mortgage underwriting services at the weekends so that they can deal with the rocketing demand for loans.

Both Santander and HSBC have stated that their mortgage underwriters are being asked to do additional work during the weekends alongside their usual working hours. The reason cited is high volumes of business, due to both a build-up of market demand during the lockdown and the changes to stamp duty.

These claims of high demand are supported by the Primis mortgage network, which has stated that it received more applications for loans in July than it has during any other month in 2020. There was a rise of 16% in comparison with June this year and of 20% compared with that of July 2019.

Mortgage advisors are clearly pleased at these temporary measures banks are implementing, with several opting to thank Santander and HSBC on LinkedIn for making the move and enabling them to get deals completed for their clients.

Speaking to Mortgage Solutions, Michelle Andrews of HSBC UK stated that:

“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.”

The immediate future of the housing and mortgage markets in the UK looks much sunnier than many would have expected in April, which is likely to increase the demand for CeMAP mortgage advisor training.