The nservice will be available through regulated mortgage intermediaries only from Monday 13 November 2006. Across new and remortgage applications, brokers will be able to secure an offer at point of sale with the added bonus of being able to print the offer document in their office. It is available to customers who have a deposit of more than 15 per cent on new loan applications.
• BM Solutions will give consumers and brokers a choice of four valuation types: automated valuation; lenders standard valuation, homebuyers report and structural survey.
• BM Solutions will be providing an offer at point of sale in 15 to 20 minutes.
• BM Solutions will send emailed confirmation of offer and enable local printing in a broker's office.
Tim Hague, director of BM Solutions, said: "This step sees BM Solutions introducing further technology and bringing consumer choice with it. Consumers will now have four types of valuation to choose from. They will be guided through the process by highly qualified, regulated mortgage intermediaries. And of course, for brokers, this is yet another step from BM Solutions to make their lives easier."
An automated valuation (AVM) removes the need, in some cases, for a physical valuation. For some customers, this gives certainty and reassurance that they have funds in place if required. Initially, AVM's will primarily benefit remortgage customers. The mortgage offer is valid for six months, giving customers a period of time to consider their next step. BM Solution's usual credit checking processes remain unchanged by this move. BM Solutions uses a range of external independent data, in addition to checks by regulated, independent brokers, to reach its credit decision.
