New research from Boon Brokers explores the efficiency of mortgage brokers at each stage of the mortgage application process exclusively for first-time buyers. Our aim is to uncover and assess their performance to identify areas for improvement for the intermediary sector.

All participants in the study were first-time buyers who bought their residential property over the past 12 months and used a mortgage broker.

Download the Research File in the footer of this study.

To clarify, this study does not differentiate between individual mortgage brokers. Instead, it focuses on the efficiency of UK-based mortgage brokers overall.

Mortgage Broker Processing Timescales

The data below highlights the timescales reported by first-time buyers for each stage of the mortgage journey with their broker. The timescales are collected from the initial consultation until the participant’s mortgage offer is issued. Since brokers are not responsible for completion timescales after a mortgage offer has been issued, this data has not been collected.

Waiting Time for Broker Consultation

The data reveals that 44% of first-time buyers waited between 1-2 days before they had a consultation with their mortgage broker following their initial enquiry. This was the most common response from the study. 31% waited between 3-5 days and 11% waited 6-10 days. It’s worth noting that just 6% had a consultation on the same day as their enquiry.

Waiting Time for Broker Consultation

Waiting Time

Number of Selections

 
 
This suggests that brokers generally act quickly to book consultations for their first-time buyer clients. At this stage, the timescale from a client’s initial enquiry to a broker booking a consultation is largely at the broker’s discretion, unless the client causes the delay.

Time From Consultation to Agreement in Principle

The data is broadly similar for the next stage of a broker’s processing. It highlights that 46% of first-time buyers waited between 1-2 days to receive an agreement in principle (AIP) following their consultation. 30% received their AIP between 3-5 days and 11% waited 6-10 days. 10% of first-time buyers received their AIP on the same day as the consultation.

Time From Consultation to Agreement in Principle

Waiting Time

Number of Selections

 
 
This data is positive for the broking industry. It confirms that in spite of the AIP obstacles faced by brokers, such as the need to verify documents, correspond with lenders, and process the application, almost half of first-time buyers receive their AIP in 2 days or less.

Time From Offer Acceptance to Full Mortgage Application Submission

Once a first-time buyer’s offer was accepted on a property, 47% waited between 1-2 days before the full mortgage application (FMA) was submitted by their broker. 28% waited 3-5 days and 11% waited 6-10 days. Again, almost 1 in 10 (9%) saw their FMA submitted on the same day as their accepted property offer. Only 6% of first-time buyers had to wait more than 10 days for their FMA to be submitted.

Time From Offer Acceptance to Full Mortgage Application Submission

Waiting Time

Number of Selections

 
 
This data is another positive reflection of the work carried out by mortgage brokers for their first-time buyers. Before an application can be submitted, there are a number of hurdles that brokers need to jump over. For example, brokers must confirm that the client is happy to proceed with their illustration, assess the property, reassess the market, and request updated income documentation.

Therefore, it’s impressive to see that almost half of mortgage brokers are submitting their first-time buyer mortgage applications in less than two days from the client’s offer acceptance.

Time From Full Mortgage Application Submission to Mortgage Offer

Following the full mortgage application submission, only 11% of first-time buyers received their mortgage offer in 7 days or less. 35% waited 8-14 days and 29% waited 15-21 days. 26% of first-time buyers waited over 21 days for their mortgage offer.

Time From Full Mortgage Application Submission to Mortgage Offer

Waiting Time

Number of Selections

 
 
This is the first time in the mortgage journey where the data highlights significant delays in first-time buyer case processing. However, it’s important to note that mortgage brokers are reliant on fast turnaround times from underwriters and surveyors to generate a timely mortgage offer.

Overall Mortgage Processing Time

From the initial enquiry to the end of a broker’s involvement when an offer is issued by the lender, 43% of respondents confirmed that the process took 15-30 days overall. This was the most popular selection from the survey. Closely behind, 37% confirmed that the process took 31-60 days. Only 10% of respondents received their mortgage offer within 14 days from their initial enquiry.

Overall Mortgage Processing Time

Waiting Time

Number of Selections

 
 
Considering the vast amount of work involved to arrange a suitable mortgage, and reliance on third parties like underwriters and surveyors to deliver an efficient service, this is a strong outcome, as almost half (43%) of first-time buyers completed the broker service in less than a month.

Client Satisfaction with Mortgage Processing Speed

When reflecting on their mortgage experience, 25% of first-time buyers were ‘Very Satisfied’ with their mortgage processing speed and 53% were ‘Somewhat Satisfied’. 16% were ‘Neutral’ and only 5% were ‘Dissatisfied’.

Client Satisfaction with Mortgage Processing Speed (%)

Differences by Gender, Age and City

When breaking the data down by gender, age, region and city, the key differences are as follows:

Gender

The data clearly shows that Females receive a far quicker first-time buyer service than their Male counterparts. The key findings are:

• 59% of Females received a consultation within 2 days of enquiring (vs 33% for Males)
• 68% of Females received their agreement in principle within 2 days of the consultation (vs 33% for Males)
• 68% of Females had a full mortgage application submitted within 2 days once their property offer was accepted (vs 30% for Males)
• 52% of Females received their mortgage offer within 14 days of the application submission (vs 35% for Males)
• 64% of Females received their mortgage offer within 30 days from their initial enquiry (vs 34% for Males)
• 84% of Females were satisfied with their mortgage broker service (vs 68% of Males)

Age

The data highlights that older first-time buyers generally waited longer than younger participants for each milestone in the mortgage journey. The key findings are:

• 45-54 year-olds waited the longest for a consultation (72% waited between 3-10 days)
• 45-54 year-olds waited the longest for an agreement in principle after their consultation (68% waited between 3-10 days)
• 65+ year-olds waited the longest for their full mortgage application to be submitted after their property offer was accepted (76% waited 3-10 days)
• 45-54 year-olds waited the longest for their mortgage offer after their full mortgage application was submitted (42% waited over 21 days)
• 45-54 year-olds waited the longest for their mortgage offer from their initial enquiry (75% waited over 30 days)

City

There are notable differences in mortgage broker efficiency across England for first-time buyer applications. The key findings are:

• Consultations were booked quickest in Bristol (76% received a consultation within 2 days of enquiring)
• Agreements in principle were generated quickest in Birmingham (78% received their AIP within 2 days after their consultation)
• Full mortgage applications were submitted quickest in Sheffield (83% had a FMA submitted within 2 days of having their property offer accepted)
• Mortgage offers were received quickest in Bristol and Sheffield (56% of first-time buyers in both cities received their mortgage offers within 14 days of the FMA submission)
• First-time buyers based in Birmingham received the most efficient mortgage broker service overall (73% received their mortgage offer within 30 days from their initial enquiry)

Conclusion

The research demonstrates a positive performance from mortgage brokers across the UK in guiding first-time buyers through their mortgage journey. At each stage of the process, brokers are delivering impressive speed, with many buyers progressing in just a few days to each milestone.

From initial enquiry to application submission, most first-time buyers move quickly, highlighting the efficiency of mortgage brokers in managing documentation, liaising with lenders, and organising their cases. Nearly half of first-time buyers complete crucial early stages of the mortgage process within 48 hours, highlighting a responsive and proactive service.

Even though longer timeframes occur after full mortgage applications are submitted, these delays may be driven by third parties such as underwriters and surveyors. Mortgage brokers are reliant on the efficiency of these parties to provide a quick turnaround time for their clients.

Crucially, client satisfaction is high, with nearly 8 in 10 buyers satisfied with the efficiency of their service. This underlines the value of brokers for their first-time buyer clients and may help explain why over 75% of residential mortgage sales are intermediated via brokers.

Overall, it’s clear that mortgage brokers play a vital role in ensuring an efficient service for first-time buyers throughout their homebuying experience.

 Download the Full Results – First-Time Buyer Broker Efficiency Survey – April 2026