The electronic offer is available as a PDF, which is a controlled, branded and legally binding offer letter for use by intermediaries.
Linda Will, managing director of Accord Mortgages, said: “In theory this is great, but to make it work it has to be about having all the right data. We have 10,500 intermediaries on our database, but we don’t have e-mail addresses for 2,000 of those. To be able to get an electronic offer to the customer, Mortgage Express also have to have an e-mail address for the customer and the solicitor, which is not as straight forward as it sounds.”
She added: “Offering an online-only service is the logical next step for all lenders, but at this point that’s still some way off.”
But mortgage broker Greg Simmons of Index Financial Services Ltd who has piloted the system, said: “The fact that I can now access a formal mortgage offer electronically - not just a decision-in-principle - is absolutely fantastic. It saves time as I don't have to keep ringing to see if there has been a mortgage offer or wait for the offer to be sent through the mail.”
Tim Sturley, head of business development at Mortgage Express, said: “Once Mortgage Express decides to make a formal mortgage offer, brokers will instantly be informed via e-mail. The process is then simple - all they have to do is access the individual customer's case summary to view the mortgage offer.”
