With the priority service the lender will present all documents to an underwriter for credit review within 24 hours.
Magellan Homeloans will prioritise applications where all of the necessary documents are provided on day one.
With the priority service the lender will present all documents to an underwriter for credit review within 24 hours.
Simon Read, managing director, lending, at Magellan Homeloans, said: “We’ve invested heavily in both staff and systems to ensure that we can provide our intermediaries with an enhanced level of service.
“The new systems, which are now live, offer complete transparency to intermediaries and allow us to deliver tangible service benefits to those who send us the right documentation at the outset.”
Megallen has recruited more staff and upgraded its mortgage processing system to notify intermediaries at different stages of their clients’ applications.
Intermediaries are provided with a list of necessary documents with the ones required to benefit from the priority service being highlighted.
Read added: “Applications are usually delayed because of missing or drip-fed client documentation.
“By giving intermediaries immediate and dynamic information about the supporting documentation required, they are in control of their application turnaround times and thereby can access faster mortgage offers.
“Having trialled this for a month now, we’re achieving turnaround time from application to fully manually underwritten and sanctioned mortgage offer in just 10 days.
“By offering this new priority service for new ‘fully packaged’ applications, we’re ensuring they don’t get held-up by applications that are missing information.
“The changes we’ve made to the way in which we keep intermediaries informed and the way in which we prioritise applications, means our turnaround times are amongst some of the best currently available in our sector.”
