The lender said the move had been decided after the number of paper applications it was receiving reduced significantly after the launch of e:lect in 2006.
Despite applications moving solely online for brokers, routes for client declaration requirements remain the same, while brokers submitting through packagers can still work using paper applications.
Keith Dearling, managing director of Advantage, said: “Since the launch of e:lect, we have seen a dramatic fall in the level of paper applications being received. This is in the main due to technology advancements and brokers embracing these changes, enabling them to grow their businesses at an accelerated rate, with less time spent on paperwork.”
Mike Fitzgerald, sales director at Brentchase Financial Services, believed there was only one route which lenders could move now.
“This is a sign of the times. Lenders are desperately looking at ways to reduce costs so online systems are the way forward for them. I thought the writing was on the wall when lenders like BM Solutions moved fully online but even the small building societies have online systems now.”
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