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BM aims for one-hour remortgage completion

BM Solutions has pledged to provide instant completions on remortgages next year, as the technology battle in the specialist market hots-up.

The HBOS lender says it will offer a completion on a further advance within an hour, where it already holds the customers’ details.

Edeus and GMAC launched point-of-sale decisions this month, with BM likely to follow before Christmas.

BM director Tim Hague says: “I want to get to a point when a customer rings up for a further advance in 2007, where we have a 60-second decision, and it would be nice to get to a one-hour completion, not just a one-hour offer. Why not if you already have the details? We have to work on that to make sure the broker is not cut out.

“Edeus and GMAC will give us something to respond to but our technology is difficult to replicate and we are recognised as being the benchmark.”

The Mortgage Practitioner sole trader Danny Lovey says: “BM Solutions will have to overcome the legal work to get to that point.”

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