It allows intermediaries to instantly see what additional information is required on an application and if their client qualifies for fast tracking. This means brokers will no longer need to wait for a client to receive a welcome pack in the post to find out what paperwork they need their clients to submit for the application.
The lender said its enhanced affordability calculator would enable brokers to see the range of mortgage lending that IF would offer a client on either a sole or joint mortgage application before an application is actually placed.
Brian Ewing, head of intermediary sales at IF, said: “We firmly believe that affordability calculations are far better than income multiples as they treat each applicant as an individual. However, we recognise that not knowing what mortgage value we will offer a client means that it’s not as easy for brokers to make a recommendation to their client. Our new affordability calculator clearly shows the range of mortgage value that we are willing to offer without putting any footprints on the client’s files.”
The broker website is available 24 hours a day and offers additional tools including online case-tracking, detailed product information, marketing literature and an offset calculator to demonstrate the benefits of offset. In addition, brokers can also generate a compliant Key Facts Illustration (KFI) and receive an agreement-in-principle (AIP) within minutes.
Martin Wade, director at Mortgage Options, said: “Finding out instantly what verification paperwork is needed is a bonus. Historically a welcome pack could take 72 hours to reach a client. In a competitive market, a broker can have a competitive edge with a speedy service and reliable information at the point of sale.”
