Pierre Blampied, managing director of SPF Private Clients, which offers mortgages, said while his clients are seeing delays, it’s an issue he’s noticed across the UK too.
“Lenders are now quite often understaffed and there are relatively few individuals specialising in mortgages within the banking sector,” he said.
“Due to limited market size, the majority of lenders have not invested in IT systems to speed up the process.”
He said, however, that slow processes were not the fault of banks alone.
“We’re also seeing a lack of surveyors on island sadly, with a number of surveyors not offering a homebuyers’ survey, the desired survey when purchasing a property,” he said.
“The conveyancing process has also slowed matters down, and advocates are becoming risk-averse in their advice to their clients.”