The system, which gives a formal mortgage offer in around quarter-of-an-hour, was launched last Monday with packager Praxis clinching the UK’s first instant deal.
POS offers have proved so popular that over 80 per cent of brokers who have used the system reused it within the first week. One broker, Andrew Deeney of Abacus Investment Management in the West Midlands was so impressed that he has now completed five in the first week.
And Praxis is offering use of the system free of charge so brokers can see exactly how good it is.
Dudley Aldous, sales and marketing director of Praxis, said: “Brokers initially seemed to think this was a glorified Decision-in-Principle (DIP) but once they realized it is a formal mortgage offer in around 15 minutes they have been desperate to sign up.
“We are currently offering brokers use of the system entirely free so that as many as possible can take advantage of it and realize quite how far forward this has taken the industry.”
In addition to waiving the fees, Praxis will be meeting more than 150 brokers across the country over the next few weeks, to demonstrate the POS system.
Aldous commented: “At first the technology was greeted with disbelief, as though it was too good to be true. But, it truly is the real deal and we will be meeting dozens of brokers to give them the chance to see it in action.
“POS offers save brokers time and costs them nothing through Praxis so it’s no wonder we have seen a surge in uptake from anyone who has tried it.”
