Bristol & West is aiming to give brokers an almost instantaneous acceptance in principle (AIP) on mo...
Bristol & West is aiming to give brokers an almost instantaneous acceptance in principle (AIP) on mortgage applications
The group has unveiled an online system designed to drastically improve mortgage turnaround times by giving a firm AIP decision within three minutes.
Brokers will be able to log on to the lender's mainframe computer with a password, which will allow them secure access to personalised data screens. Once sent, applications should have a response within minutes.
Debbie Staveley, spokesperson for Bristol & West, said: 'The system is designed to run between six in the morning and 12 at night, seven days a week.
'The key benefit is that brokers can immediately give their clients a sure decision either way. If the case is accepted, the only thing the client has to do is supply a valuation and proof of income.'
Applications are automatically graded as to whether they have been accepted, referred or declined. If the case is accepted or declined, the response will be almost immediate. If the application is referred, an underwriter will personally contact the broker on the same or next working day.
Annuity market worth £4bn in 2017
For ‘distress’ caused
Oversees £30bn of advised and D2C assets
Less than a third of top paid employees are women
£1bn business since inception