Called ‘The Mortgage Matchmaker’ the system will be available to all intermediaries registered at www.vestapackaging.co.uk.
The packager claims this is the first time brokers will be able to select the right mortgage for a client accurately, facilitated by performing a real-time credit check and followed by the production of a free online KFI.
Vesta said this was in contrast to a number of systems that presently charged a monthly retainer and were unable to provide real-time credit checking.
Mark Leaper, managing director of Vesta Packaging, said: “For the first time brokers will be able to sit down in front of their client and fill out a pre-populated form on their laptop or PC.
“They will also be able to do a real-time credit check of the client so will not be relying on the accuracy of the information the client provides them with.
“At a stroke this will eliminate the problem of application forms that go backwards and forwards up and down the chain because of incomplete or inaccurate information.
“At the moment brokers pay providers of this sort of service up to £40 per calendar month but we will be providing it for free.”
Steven Moorley, development director at Blue Sky Mortgages, thought the system was a step in the right direction for packaging.
“This will be a useful addition to a broker’s tool kit,” he said. “It cuts out having to go to a mortgage desk.”
Vesta Packaging is also offering £500 cashback on all SPML first-charge mortgage completions between now and the 30 June 2005.
The amount will be paid by cheque upon completion and can be used towards legal and valuation fees incurred by the client.
