Back in April I needed to produce a BM Solutions’ key facts illustration (KFI) for a client. I logged on to the firm’s website looking for the ‘Obtain a KFI’ button.

After a few minutes it became apparent that the only way to get a KFI was to complete a DIP. I did not wish to apply for a mortgage or a DIP but simply produce an accurate illustration which I could then discuss with my client before they applied. Isn’t that an MCOB requirement?

I typed in virtually a full application. Then the final straw: ‘This case has been referred’. This whole process took some 15-20 minutes – so much for a one-minute mortgage.

I duly contacted BM and, after a week, gained a response. They said: “We believe that this is a benefit as the customer only receives KFIs for products available to them based on their credit details.”

What about what the broker wants?

I emailed them back about the ‘light footprint’ that the BMS system applies for a DIP. I am all for using IT to speed things up but this does the complete opposite. Additionally we have proved that the BMS light footprint is in fact so light it makes no difference to the decision to provide the KFI anyway. So what actually is the point of it?

I replied to BMS by email on 3 May 2005 to further question the need for this process and its requirements for a credit search so that a KFI can be produced. I am still waiting for a reply.

Come on BM Solutions – your products are actually quite good, I have a few BMS buy-to-let mortgages myself, the online application system always seems to treat us well – so why do you make it so difficult just to get a simple mortgage illustration?

Answers on a postcard please.

Sean Horton

Director,

Enhanced Wealth