The application was submitted by Simon Bushell, a mortgage adviser with Southport based Barron Independent Mortgages Ltd which is part of the Sesame Network.
The application was for a £70,000 buy-to-let mortgage with a loan-to-value (LTV) of 58% and was submitted online using West Brom’s new automated valuation (AVM) facility. The product enables brokers to submit a case online which is then instantly credit scored and assessed using an automated valuation rather than a traditional valuation report.
With this mortgage product, confirmation of rental cover is not required if the LTV is less than 70%. West Brom requires proof of ID and confirmation that the applicant has a job. If they are in full-time employment, that can be a copy of a P60, a payslip or bank statement showing a salary payment into their account. If they are self-employed, West Brom requires the accountant’s details.
Paul Marland, AGM intermediary sales for West Brom, said: “This case not only shows how fast applications can be turned around using our online facilities, but it also shows how we have been able to simplify the application process for low LTV buy-to-let mortgage applications. This case was not given any special treatment; it went through normal procedures in less than a day.”
Simon Bushell, from Barron Independent Mortgages, said: “How easy can submitting a mortgage application get? This was a clean case with a low LTV and, by using an AVM, West Brom has been able to turn the deal around immediately. One of the features I particularly like about West Brom’s online system is that if I need to speak to an underwriter about a specific case I can easily do so. It’s a great blend of technology supported by skilled and helpful staff.”
