Bristol & West (B&W) is launching a new mortgage intermediary website, writes Paul Robertson. The site will allow brokers to make online applications for B&W mortgages and will issue application acceptance in principal with a targeted turnaround time of three minutes. The site will grade the response to an application from A to E. A will stand for acceptance, B stands for more information is necessary, C and D indicate that the application needs to be manually referred to an underwriter, and E is an outright rejection. B&W has said it considers an acceptance as binding on their side.
Spokesperson Debbie Staveley said: ‘This is a massive service improvement for brokers as it will increase turn around time hugely. The grading of the reply is an attempt to not treat people like numbers while at the same time increasing the speed of service.’
The web address has not yet been revealed, but the service will be available to intermediaries who will be notified about the site’s address through a staged mailing which will include instructions for using the site.