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A&L looks at instant offers

Alliance & Leicester plans to launch instant offers next year in a bid to ramp up its service to brokers.

The firm says automated valuation models, which facilitate point of sale offers, are a key part of its future strategy.

A&L will follow GMAC, Edeus and ING Direct as lenders offering Posos while BM Solutions says it is also planning to generate instant offers.

GMAC chairman Stephen Knight said last week that lenders that failed to embrace such technology would see business volumes drop as they would be considered to offer a poor service compared with firms which offer Posos.

A&L head of intermediary mortgages Mehrdad Yousefi says: “It is our aspiration to improve our service and technology – we are looking at AVMs very seriously and we will use them in a targeted way in 2007 at some point. We have a legacy technology platform and if we want to issue instant offers, we will need new technology – not in the next three months but probably in the next 12-18 months.”

Savills Private Finance managing director Mark Harris says: “As far as intermediaries are concerned, AVMs are a no-brainer. Lenders will have to address the issue at some point or they will be shooting themselves in the foot.”

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