Mortgage Express is enabling intermediaries to access offers electronically.
The intermediary is told by email when the offer is ready. The legally binding offer letters are in PDF format for control purposes.
The process has been piloted with brokers and packagers and will be made available in the coming weeks. The lender says the service means intermediaries will not have to wait for paper-based offers to arrive in the post.
Mortgage Express launched its online system in February 2002. Brokers can now obtain product information, submit an application, track cases and receive a mortgage offer online.
Index Financial Services mortgage broker Greg Simmons says: “The fact that I can now access a formal mortgage offer electronically, not just a decision in principle, is absolutely fantastic.”
Mortgage Express head of business development Tim Sturley says: “We are continually working towards making the application process faster and more efficient.
“This initiative is a perfect example of a tangible benefit to intermediaries of doing business online.”