From Monday October 13, brokers will be able to submit mortgage applications online and receive a ‘virtual offer,’ subject only to valuation, in less than one minute. In eight out of ten cases there will be no requirements for further information.
BM Solutions is the first lender to offer online virtual offers across the full specialist lending product range – Sub-prime, Buy-to-let and Self-certification. And in a further move to encourage intermediaries to go online, BM Solutions is offering an extra £75, on top of the normal procuration fee, for every online application, which proceeds to completion.
Intermediaries can now give a virtual offer whilst still in front of the client – boosting efficiency and helping to secure immediate sales. Already over 50% of BM Solutions’ mortgage business is submitted online and according to Michael Bolton, director of mortgages, Birmingham Midshires, the launch of the One Minute Mortgage will boost this figure even further.
“The One Minute Mortgage will revolutionise the industry. This isn’t just a standard decision-in-principle, this is a cast-iron virtual offer given in around a minute. All products are available – Buy-to-let, Self-certification and Sub-prime. It is particularly revolutionary for Sub-prime given the perceived complexity. This is the last obstacle removed from a broker having to go through a third party.
“This is a welcome boost for intermediaries on the way up to mortgage day. Lots of lenders talk a good game about supporting brokers, but we are delivering the technology and the support that will make all the difference to intermediaries. Already over 50% of our business is submitted online and within the next 12 months we expect that figure to rise to 90%,” concluded Bolton.
Walter Avrili, head of mortgage development for The MarketPlace at Bradford & Bingley and Charcol, the UK’s largest independent financial adviser, said: “This is a big step forward for the market. Clients want instant everything and this proposition enables brokers to deliver that with confidence. The One Minute Mortgage will enable brokers to close business quickly and efficiently. Brokers taking advantage of this technology should see a positive impact on their profits.”
BM Solutions is the specialist lender of the Halifax. BM Solutions was recently named top in each of these markets in the industry respected Achilles survey, conducted by BRDC.
BRDC then went on to conclude that, “BM Solutions is now the number one specialist lender.”
Launched in January of this year, BM Solutions Online has been designed to save time and money for intermediaries with easy-to-use and real-time case tracking, product matching, client illustrations and finance tools.
