Buyers want speedy service over rates

Genesis Home Loans has highlighted the willingness of many borrowers to accept less competitive rates in exchange for a more streamlined mortgage application process. Several months ago, Genesis launched a self-certification mortgage requiring no references, with offers issued after a basic credit check and property valuation. On analysing sales data, Genesis noted that applications were motivated by the speed and simplicity of the product, rather than a headline rate. Many applicants had no need to self-certify income or overcome short duration employment. Barry Robson, managing director of Genesis, said: “Research shows that intermediary mortgages take an average of 27 days from application to offer, which is too long. I’m sure we won’t be the only lender to make speed of service a high priority in 2002.”