surveyors, so valuations are delayed until a surveyor can visit the property. Sometimes the surveyor finds an issue with a building, which can mean that the lender changes the conditions of the mortgage, and this takes time.
Lenders can be slow simply because no one is pushing them for a completion date. Some lenders have grown their business but have not yet got enough staff to deal with a backlog of mortgage applications. On some occasions, the delay is caused by lawyers. It helps to have a lawyer who knows the borrower well and is an expert on commercial property.
Large high street banks have built up a large bureaucracy and this can cause delays, but bridging loans can raise short-term finance until mortgage funds are available.
Some borrowers are turning away from large lenders to specialist smaller lenders who may be more expensive but can complete loans quickly. Smaller lenders often have better communication between members of a leaner team. If they know that a property deal is time sensitive, they are flexible enough to speed the loan process.