The new service generates a text update message during the following stages of a mortgage application:
* When a valuation has been instructed
* When a valuation has been received
* When a solicitor has been instructed
* When funds have been released
The service has been warmly welcomed by brokers, who say it not only provides reassurance that client applications are progressing smoothly, but it also removes the necessity to make follow-up phone calls themselves.
Rob Lankey, director of Lending at Base Commercial Mortgages, said: “We all know from personal experience that receiving an update is reassuring, gives confidence in the service being provided and cuts out wasted time making phone calls to find out what’s happening. We’re keen to explore all opportunities to use technology to further enhance the service we provide for brokers.”
