BM adds additional borrowing online
The specialist lender said its latest addition to the ‘One Minute Mortgage’ system allows brokers to process further borrowing online, reducing paperwork and the time spent on each case.
Ray Boulger, senior technical manager at John Charcol, said the addition to BM’s online capabilities would ensure brokers could process cases quickly and effectively. He said: “Many clients want their further advance funds quickly and now that a further advance lending decision can be obtained more efficiently by applying online, our proposition is even more powerful.”
BM said its ‘One Minute Mortgage’ allows decisions to be made within 48 hours of the case being submitted and announced the site would soon incorporate an online decisioning facility.
Peter O’Donovan, mortgage manager at Bestinvest, believed online decisioning and further advance facilities would enhance the online service and reduce the time spent on case applications.
He said: “BM’s additional borrowing facility should make it a lot easier for borrowers to take out additional money and speed the process up even further. As you don’t need to get valuations or anything completed to get further advances the applications generally go through quickly but this should make it even more effective. If it is as good as its other online services then it should be of high quality.”
O’Donovan went on to add that he expects this practice to become common practice among specialist lenders in the coming months. “Other lenders will soon have to follow suit and offer this kind of service,” he said.