The system, which is available 24 hours a day, seven days a week, as well as giving intermediaries access to its product range, aims to provide a complete online service.
‘On Demand’ allows brokers fully binding decisions-in-principle (DIPs), has a KFI generator and affordability calculator, plus gives them access to around 150 conveyancers with the opportunity to gain an introductory fee of £200 and an online application tool.
Peter Beaumont, sales and marketing director at Mortgages plc, said: ‘On Demand’ is the culmination of many months of research, system development and testing. We wanted to ensure we fully understood intermediary requirements and a lot of work was undertaken during last summer and autumn to find out what intermediaries were looking for in the ideal mortgage system.”
Mike Pendergast, an IFA at Zen Financial Services, said the system is good in principle: “It’s a good idea but it must ensure the products on offer are right for the client. That’s the only way an online system can work for you. Other companies offer an integrated service like this and they are always helpful as you can get everything in one place, rather than going to a different place for your KFI and another for your DIP. However, you always have to keep in mind if the product is right for the client, and if the system helps you do that, I’m all for it.”
“For me, the faster the better because as soon as you’ve dealt with one problem, you can move onto something else. If it saves time and helps the client, I would use it,” he added.
