Speed is now a much bigger priority than price for property finance deals across the UK, according to Phoenix Funding.
The company said competition for funding has ramped up in 2026, with borrowers and brokers putting speed and certainty of funding ahead of low rates.
This follows research from Pure Property Finance which found that average application times improved by 10% for bridging finance, 15% for development finance, 25% for residential mortgages and 55% for secured loans between 2023 and 2025.
Andrew Smith, founder of Phoenix Funding, said: “A lot of our clients would prefer speed in today’s market with a slightly higher interest rate.
“Borrowers and brokers aren’t just looking for competitive terms any more, they are prioritising the certainty of execution, and they need the certainty of getting the funding quicker than previous years.
“While there will still be time needed to complete legals and formally close the loan, what borrowers really want is early confirmation that credit has been approved and that process is underway and will be completed as soon as possible.”
Smith added: “While traditional lenders and high street banks may take weeks to respond to more difficult criteria and turnaround offers, deals are lost to more agile, specialist lenders, who can move a lot quicker.
“However, there may still be delays with legals from both sides, as well as other factors coming into play which may be out of the borrower’s and lender’s control.
“However, getting the speed of sign-off for finance should help move things a bit quicker.”
He said: “Across the UK, we’re seeing more borrowers who are asking us to show them the quickest turnaround time rather than the lowest rate, and that they need financing as soon as they can get it.
“Of course, there will be other factors at play when it comes to how fast everything can be completed, but getting finance quickly is usually the first priority.
“It’s a huge shift in how property decisions are being made in 2026, with cost almost always topping the priorities list prior to the last few months.”
Smith added: “For brokers representing clients with tight timelines, the value isn’t a basis-point saving, it’s the certainty that a deal will complete on time.
“We’re advising partners to re-prioritise their lender panels accordingly.”