It goes live on Monday 16 February 2004.
The Specialist Mortgage Service is designed to offer a smoother, faster, more effective one-to-one process for large loans, saving intermediaries time and hassle. Among the key features of this new service are:
- A dedicated team of experts: Genuine specialists in underwriting large loans who appreciate the particular nature of the high net worth market.
- Individual relationship managers: A team of relationship managers, who will provide a contact point from initial application through to completion, coordinating every aspect of the mortgage application.
- No chasing: Intermediaries will get a phone call as soon as the application form is received and will be kept fully up to date through proactive contact from the team.
- Streamlined application process: Improved applications and referrals processes via Abbey’s Introducer Internet system.
- Clear Service Standards3: Providing a quick application process, these include:
- Agreement in Principle within 60 seconds from Introducer Internet. If a decision cannot be made within 60 seconds, Abbey for Intermediaries will provide an agreement in principle within one hour.
- A fully underwritten decision within 24 hours.
- A mortgage offer within 10 days of the final decision.
Abbey has also improved its lending policy on large loans, making the reasons behind its decisions clearer to intermediaries.
Ambrose McGinn, Director of Abbey for Intermediaries, said: “We are serious in our commitment to the growing large loans market and we aim to do that by putting the emphasis on service.
“Much of the thinking behind Abbey’s Specialist Mortgage Service is based on feedback from brokers and IFAs, telling us their frustrations about the service received from other large loans services.
“Since we began to put in place the framework for the Specialist Mortgage Service, in June last year, feedback from intermediaries has been very positive, particularly when it comes to the proactive approach made by our relationship managers and the service received via Abbey’s expert large loans team.”
Abbey intends to expand the specialist mortgage service to include a broader range of niche mortgage products, to be announced throughout 2004.
Abbey for Intermediaries will be mailing 23,000 IFAs and brokers outlining the benefits of the new Specialist Mortgage Service. A dedicated phone line has also been set up for intermediaries who have questions and queries regarding large loans: 0870 6000679.
