diff --git a/test/functional/test_framework/mininode.py b/test/functional/test_framework/mininode.py
index 8ec215f288..704b13a138 100755
--- a/test/functional/test_framework/mininode.py
+++ b/test/functional/test_framework/mininode.py
@@ -22,7 +22,6 @@ from io import BytesIO
 import logging
 import struct
 import sys
-import time
 import threading
 
 from test_framework.messages import (
@@ -155,8 +154,9 @@ class P2PConnection(asyncio.Protocol):
     def is_connected(self):
         return self._transport is not None
 
-    def peer_connect(self, dstaddr, dstport, *, net, uacomment=None):
+    def peer_connect(self, dstaddr, dstport, *, net, factor, uacomment=None):
         assert not self.is_connected
+        self.factor = factor
         self.dstaddr = dstaddr
         self.dstport = dstport
         # The initial message to send after the connection was made:
@@ -440,11 +440,12 @@ class P2PInterface(P2PConnection):
 
     # Connection helper methods
 
+    def wait_until(self, test_function, timeout):
+        wait_until(test_function, timeout=timeout, lock=mininode_lock, factor=self.factor)
+
     def wait_for_disconnect(self, timeout=60):
         test_function = lambda: not self.is_connected
-        wait_until(test_function, timeout=timeout, lock=mininode_lock)
-        # This is a hack. The related issues should be fixed by bitcoin 14119 and 14457.
-        time.sleep(1)
+        self.wait_until(test_function, timeout=timeout)
 
     # Message receiving helper methods
 
@@ -455,14 +456,14 @@ class P2PInterface(P2PConnection):
                 return False
             return self.last_message['tx'].tx.rehash() == txid
 
-        wait_until(test_function, timeout=timeout, lock=mininode_lock)
+        self.wait_until(test_function, timeout=timeout)
 
     def wait_for_block(self, blockhash, timeout=60):
         def test_function():
             assert self.is_connected
             return self.last_message.get("block") and self.last_message["block"].block.rehash() == blockhash
 
-        wait_until(test_function, timeout=timeout, lock=mininode_lock)
+        self.wait_until(test_function, timeout=timeout)
 
     def wait_for_header(self, blockhash, timeout=60):
         def test_function():
@@ -472,7 +473,7 @@ class P2PInterface(P2PConnection):
                 return False
             return last_headers.headers[0].rehash() == blockhash
 
-        wait_until(test_function, timeout=timeout, lock=mininode_lock)
+        self.wait_until(test_function, timeout=timeout)
 
     def wait_for_getdata(self, timeout=60):
         """Waits for a getdata message.
@@ -486,7 +487,7 @@ class P2PInterface(P2PConnection):
             assert self.is_connected
             return self.last_message.get("getdata")
 
-        wait_until(test_function, timeout=timeout, lock=mininode_lock)
+        self.wait_until(test_function, timeout=timeout)
 
     def wait_for_getheaders(self, timeout=60):
         """Waits for a getheaders message.
@@ -501,7 +502,7 @@ class P2PInterface(P2PConnection):
             return self.last_message.get("getheaders2") if self.nServices & NODE_HEADERS_COMPRESSED \
                 else self.last_message.get("getheaders")
 
-        wait_until(test_function, timeout=timeout, lock=mininode_lock)
+        self.wait_until(test_function, timeout=timeout)
 
     # TODO: enable when p2p_filter.py is backported
     # def wait_for_inv(self, expected_inv, timeout=60):
@@ -515,13 +516,13 @@ class P2PInterface(P2PConnection):
     #                             self.last_message["inv"].inv[0].type == expected_inv[0].type and \
     #                             self.last_message["inv"].inv[0].hash == expected_inv[0].hash
 
-    #     wait_until(test_function, timeout=timeout, lock=mininode_lock)
+    #    self.wait_until(test_function, timeout=timeout)
 
     def wait_for_verack(self, timeout=60):
         def test_function():
             return "verack" in self.last_message
 
-        wait_until(test_function, timeout=timeout, lock=mininode_lock)
+        self.wait_until(test_function, timeout=timeout)
 
     # Message sending helper functions
 
@@ -537,7 +538,7 @@ class P2PInterface(P2PConnection):
             assert self.is_connected
             return self.last_message.get("pong") and self.last_message["pong"].nonce == self.ping_counter
 
-        wait_until(test_function, timeout=timeout, lock=mininode_lock)
+        self.wait_until(test_function, timeout=timeout)
         self.ping_counter += 1
 
 
@@ -666,7 +667,7 @@ class P2PDataStore(P2PInterface):
                     self.send_message(msg_block(block=b))
             else:
                 self.send_message(msg_headers([CBlockHeader(block) for block in blocks]))
-                wait_until(lambda: blocks[-1].sha256 in self.getdata_requests, timeout=timeout, lock=mininode_lock)
+                self.wait_until(lambda: blocks[-1].sha256 in self.getdata_requests, timeout=timeout)
 
             if expect_disconnect:
                 self.wait_for_disconnect()
@@ -674,7 +675,7 @@ class P2PDataStore(P2PInterface):
                 self.sync_with_ping()
 
             if success:
-                wait_until(lambda: node.getbestblockhash() == blocks[-1].hash, timeout=timeout)
+                self.wait_until(lambda: node.getbestblockhash() == blocks[-1].hash, timeout=timeout)
             else:
                 assert node.getbestblockhash() != blocks[-1].hash
 
diff --git a/test/functional/test_framework/test_framework.py b/test/functional/test_framework/test_framework.py
index 4f57a2df45..38743f6193 100755
--- a/test/functional/test_framework/test_framework.py
+++ b/test/functional/test_framework/test_framework.py
@@ -123,6 +123,7 @@ class BitcoinTestFramework(metaclass=BitcoinTestMetaClass):
         self.extra_args_from_options = []
         self.set_test_params()
         self.parse_args()
+        self.rpc_timeout = int(self.rpc_timeout * self.options.factor) # optionally, increase timeout by a factor
 
     def main(self):
         """Main function. This should not be overridden by the subclass test scripts."""
@@ -188,6 +189,7 @@ class BitcoinTestFramework(metaclass=BitcoinTestMetaClass):
                             help="run nodes under the valgrind memory error detector: expect at least a ~10x slowdown, valgrind 3.14 or later required")
         parser.add_argument("--randomseed", type=int,
                             help="set a random seed for deterministically reproducing a previous test run")
+        parser.add_argument('--factor', type=float, default=1.0, help='adjust test timeouts by a factor')
         self.add_options(parser)
         # Running TestShell in a Jupyter notebook causes an additional -f argument
         # To keep TestShell from failing with an "unrecognized argument" error, we add a dummy "-f" argument
@@ -440,6 +442,7 @@ class BitcoinTestFramework(metaclass=BitcoinTestMetaClass):
                 chain=self.chain,
                 rpchost=rpchost,
                 timewait=self.rpc_timeout,
+                factor=self.options.factor,
                 bitcoind=binary[i],
                 bitcoin_cli=self.options.bitcoincli,
                 mocktime=self.mocktime,
@@ -613,6 +616,7 @@ class BitcoinTestFramework(metaclass=BitcoinTestMetaClass):
                     extra_args_from_options=self.extra_args_from_options,
                     rpchost=None,
                     timewait=self.rpc_timeout,
+                    factor=self.options.factor,
                     bitcoind=self.options.bitcoind,
                     bitcoin_cli=self.options.bitcoincli,
                     mocktime=self.mocktime,
diff --git a/test/functional/test_framework/test_node.py b/test/functional/test_framework/test_node.py
index 1ab88eb6ec..ab3b203c13 100755
--- a/test/functional/test_framework/test_node.py
+++ b/test/functional/test_framework/test_node.py
@@ -62,7 +62,7 @@ class TestNode():
     To make things easier for the test writer, any unrecognised messages will
     be dispatched to the RPC connection."""
 
-    def __init__(self, i, datadir, extra_args_from_options, *, chain, rpchost, timewait, bitcoind, bitcoin_cli, mocktime, coverage_dir, cwd, extra_conf=None, extra_args=None, use_cli=False, start_perf=False, use_valgrind=False):
+    def __init__(self, i, datadir, extra_args_from_options, *, chain, rpchost, timewait, factor, bitcoind, bitcoin_cli, mocktime, coverage_dir, cwd, extra_conf=None, extra_args=None, use_cli=False, start_perf=False, use_valgrind=False):
         """
         Kwargs:
             start_perf (bool): If True, begin profiling the node with `perf` as soon as
@@ -131,6 +131,7 @@ class TestNode():
         self.perf_subprocesses = {}
 
         self.p2ps = []
+        self.factor = factor
 
     AddressKeyPair = collections.namedtuple('AddressKeyPair', ['address', 'key'])
     PRIV_KEYS = [
@@ -337,13 +338,13 @@ class TestNode():
         return True
 
     def wait_until_stopped(self, timeout=BITCOIND_PROC_WAIT_TIMEOUT):
-        wait_until(self.is_node_stopped, timeout=timeout)
+        wait_until(self.is_node_stopped, timeout=timeout, factor=self.factor)
 
     @contextlib.contextmanager
     def assert_debug_log(self, expected_msgs, unexpected_msgs=None, timeout=2):
         if unexpected_msgs is None:
             unexpected_msgs = []
-        time_end = time.time() + timeout
+        time_end = time.time() + timeout * self.factor
         chain = get_chain_folder(self.datadir, self.chain)
         debug_log = os.path.join(self.datadir, chain, 'debug.log')
         with open(debug_log, encoding='utf-8') as dl:
@@ -501,7 +502,7 @@ class TestNode():
         if 'dstaddr' not in kwargs:
             kwargs['dstaddr'] = '127.0.0.1'
 
-        p2p_conn.peer_connect(**kwargs, net=self.chain)()
+        p2p_conn.peer_connect(**kwargs, net=self.chain, factor=self.factor)()
         self.p2ps.append(p2p_conn)
         if wait_for_verack:
             p2p_conn.wait_for_verack()
diff --git a/test/functional/test_framework/util.py b/test/functional/test_framework/util.py
index 832e0c6088..3a43c93fcf 100644
--- a/test/functional/test_framework/util.py
+++ b/test/functional/test_framework/util.py
@@ -227,9 +227,10 @@ def str_to_b64str(string):
 def satoshi_round(amount):
     return Decimal(amount).quantize(Decimal('0.00000001'), rounding=ROUND_DOWN)
 
-def wait_until(predicate, *, attempts=float('inf'), timeout=float('inf'), sleep=0.05, lock=None, do_assert=True, allow_exception=False):
+def wait_until(predicate, *, attempts=float('inf'), timeout=float('inf'), sleep=0.05, factor=1.0, lock=None, do_assert=True, allow_exception=False):
     if attempts == float('inf') and timeout == float('inf'):
         timeout = 60
+    timeout = timeout * factor
     attempt = 0
     timeout *= Options.timeout_scale
     time_end = time.time() + timeout
@@ -292,7 +293,7 @@ def get_rpc_proxy(url, node_number, *, timeout=None, coveragedir=None):
     """
     proxy_kwargs = {}
     if timeout is not None:
-        proxy_kwargs['timeout'] = timeout
+        proxy_kwargs['timeout'] = int(timeout)
 
     proxy = AuthServiceProxy(url, **proxy_kwargs)
     proxy.url = url  # store URL on proxy for info