Ross McMillan, owner at Blue Fish Mortgage Solutions, agreed that service levels have improved, but questioned how long that would last when the property market starts moving again.
He said: “There’s no doubt that for the majority of lenders, the reduced level of transactions has allowed them to get their underwriting and assessment process working much more efficiently and swiftly than had otherwise often been the case.
“There are exceptions of course, particularly for those lenders with systems seemingly still using 1980s technology.
“Also, more complex cases can still take a little time to work through the system but overall it’s very welcome that most lenders have been able to demonstrate they can consistently deliver a quality service.
“The question will be whether this quality of service can be maintained when business levels pick up in future.”
Steven Hargreaves, mortgage and protection adviser at The Mortgage Co, said conveyancing was still an issue.
He said: “Long gone are the hours on hold and 20 working day underwriting responses. While we are experiencing fantastic turnaround times from lenders, unfortunately the same cannot be said about conveyancing solicitors, where delays are still an issue.
“However given that the average transaction takes around 17 weeks from start to finish, I expect conveyancing turnaround times to start improving as sales from a few months ago complete and solicitors haven’t received the same level of new instructions in the last few months.”