Now the lender is urging mortgage intermediaries to consider the merits of online-based mortgage applications which can save both the intermediary and their client precious time when compared with paper-based applications.
A typical paper-based mortgage application takes an industry average of 48 hours to complete and receive a credit scored decision, whilst, in the majority of cases, an Alliance & Leicester online-based application takes just 60 seconds to receive a fully credit scored mortgage decision. This could prove vital when consumers are looking to clinch their dream home quickly.
Mehrdad Yousefi, Head of Intermediary Mortgages at Alliance & Leicester said: “Our system has enhanced the whole mortgage application process for intermediaries, providing quicker decisions, faster processing, easy tracking of cases and less paperwork. Both intermediaries and consumers will benefit from a quick decision to their mortgage needs.
“With most decisions received in less than a minute using our online system, it saves intermediaries valuable time thus freeing them up for more proactive activities.”
Adam Owen, broker from The EQI Group said: “Online processing has made our lives a lot easier. Since first using Alliance & Leicester’s system we have been able to develop our processes giving us a three-fold increase in productivity. Our clients are regularly impressed with the speed of turnaround for their mortgage application decisions.”
Alliance & Leicester’s online application system offers the following benefits:
- Full flexibility to use the system online and offline
- Provides a fully credit scored decision and confirms the appropriate packaging requirements within 60 seconds
- In a minority of instances where cases are referred, a fully credited decision is communicated within 60 minutes securely via the messaging facility on A&L’s website
- Case tracking 24 hours a day, seven days a week
- Easy to use messages page where messages are stored for up to three months
- Choose whether to submit a full online Decision in Principle first or go straight to a Full Mortgage Application
- Conversion of credit-scored Decision In Principle to Full Mortgage Application within 28 days – saving the need to re-input data
- A dedicated Internet support team, which includes an interactive ‘Call Me Back’ button where a member of A&L’s support team will call back free of charge
- The system will continue to be supported by Alliance & Leicester’s dedicated intermediary mortgage centre in Belfast
