Alliance & Leicester is rolling out a mortgage application website after a trial period found 15 per cent of the bank's intermediaries submitted cases through the new system.
The system, which can give a credit scored decision in 60 seconds and a one-hour response for referrals, was tested in June and proved successful enough for the bank to launch the website on a full-time basis.
A&L says intermediaries are using the website in bigger than expected numbers because it is less time-consuming than other systems. As it prepopulates information from an agreement in principle to a full mortgage application automatically, A&L says brokers are freed from having to re-key details.
It also has an offline feature to allow users to save the information on applications before submitting them online – thereby protecting brokers against losing case details should the internet connection fail.
Brokers can also track cases online and print out a letter for clients confirming the decision and the full mortgage application for the client to sign. Brokers can register for the system at www.al.intermediary.co.uk.
Managing director (retail banking) Richard Pym says: “Most lenders have used technology to simply speed up the front-end decision. A&L's system has speeded up the whole mortgage application process, providing quicker decisions, faster processing, easy tracking and less paperwork. We think it is the best system in the marketplace.”