GMAC is set to unveil a number of enhancements to its online system including the production of online illustrations for buy-to-let.
Last week Mortgage Introducer - News revealed broker concerns that some buy-to-let lenders were not providing KFIs for buy-to-let as the sector is not regulated by the FSA, although there was demand from clients to have hard copy quotes for these deals.
Jeff Knight, head of marketing services at GMAC, said: “Our new system will now have the capability to produce illustrations for buy-to-let. The client will have to get an online decision before getting the KFI but this decision will be binding, rather than a decision in principle (DIP). This is what sets us apart from the rest of the market.”
Guy Batchelor, sales and marketing director at Platform, which provides illustrations for buy-to-let products, said: “We have pre-sales KFIs for all our products, so we saw it fitting to have them for buy-to-let just for completeness. Also, there was a lot of market demand for these illustrations although they do not follow the FSA’s KFI format exactly due to the sector falling outside the regulator's remit.”
Batchelor added: “We will have online DIPs in the summer but this will be separate from the pre-sales KFI. Clients will not need to get a DIP before getting the KFI.”
Andrew Moss, product development manager at Mortgage Express, commented: “Our online offering has proved extremely popular with brokers and as a lender committed to improving service to them, we welcome all developments which help to move forward the online standards which brokers can expect from lenders.”
“Reflecting on the GMAC proposition I don't know how they can ‘guarantee’ an online DIP without a property/valuation reference,” Moss added.
