These delays cause 1.4 million people unnecessary stress and 255,000 people reveal they have lost money in the process. To combat these issues, GMAC-RFC has enhanced its on-line mortgage system so that it can provide instant mortgage offers, meaning reassurance can be delivered in minutes rather than weeks or even months. Since going live with this innovation, offers are being issued within 20 minutes.
This system was developed due to demand, from both consumers and intermediaries alike. GMAC-RFC’s research shows clear consumer demand for a quicker and more efficient way to get a mortgage offer. Over two thirds (68 per cent) of people in the UK said they would have liked to have received a mortgage (or re-mortgage offer) on the same day they applied for but until now this was simply impossible.
Jeff Knight, director of marketing at GMAC-RFC, said: “Buying a house is one of the most exciting things you can do, however this excitement has often been offset by a huge amount of unnecessary stress and uncertainty involved in the process, whilst the mortgage offer has been waited for, which can take up to a month. This technology will remove the stress and extra cost that delays can bring because it means consumers can, in many instances, receive their instant mortgage offer without waiting for weeks or even months to be approved by a lender. This removes the stress and hassle, and frees up time for everyone involved in this process.”
Ray Boulger, senior technical director at John Charcol, commented: “Currently too many customers are inconvenienced at best, and lose a property at worst, due to delays in the mortgage offer or legal processes. We are therefore delighted that GMAC-RFC has taken the initiative and launched this technology to help eliminate this problem.”
