Brokers will soon be able to get an acceptance in principle (AIP) within three minutes, according to Bristol & West.
The lender has unveiled a new online system designed to drastically improve mortgage turnaround times by giving a firm AIP decision almost straightaway. Brokers will be able to log on to the lender’s mainframe computer with a password, which will allow them to gain secure access to personalised data screens. Once sent, applications should have a response within minutes.
Debbie Staveley, spokesperson for Bristol & West, said: ‘The key benefit is that brokers can give their clients a sure decision either way immediately. If the case is accepted the only thing the client then has to do is supply a valuation and proof of their income.’
Bristol & West expects that the system will reduce the turnaround time to around 30 days, and cut the number of declined cases to fewer than 10%.
The system has been initially launched with packaging companies, but is expected to be rolled out to brokers soon.
Rod Murdison, proprietor of broker Murdison & Browning, said: ‘Anything that speeds up processing is a great benefit, but a lot depends on how the lender deals with the paperwork. We would only really need to go for an AIP if we were dubious as to whether the client would qualify for the loan, and by using sourcing systems you already have a fair idea of this.’