This system allows brokers to speed up the mortgage process – bypassing the need for additional paper income verification.
The ‘Fast Track Guarantee’ is available to prime residential next time buyers and remortgage customers who meet the following criteria*:
-loan to value of 75% or below
-pass the Alliance & Leicester credit score
-loan amount less than £500,000
-employed applicants
Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester, said: “Our move signals a flexible approach to mortgage lending in keeping with technological advancements in the market place. As paper-based practices make way for online processes, such as electronic pay slips, we have enhanced our service proposition to provide a faster ‘application to offer’ process as well as, greater convenience to our broker customer base.”
To continue the ‘Fast Track Guarantee’ process post-submission, brokers should:
ensure their clients satisfy A& L’s lending criteria
confirm their clients’ identity and affordability of the loan
verify that their clients’ details have not materially changed between decision in principle and full application submission
Ray Boulger, Senior Technical Manager at John Charcol, comments: “Fast Track and affordability based lending are two of the most important recent innovations in mortgage underwriting, resulting from increased use of technology. Alliance & Leicester’s online affordability calculator is very easy to use and now that they have added Fast Track underwriting for most employed applicants borrowing not more than £500,000 up to 75% LTV there will be even more reason to use Alliance & Leicester. The combination of good rates with Fast Track underwriting and good affordability based lending is always a winner.”
