Peter Izard, business development manager at Investec (pictured), said the private bank was looking at a timescale of a year to launch its online broker system, which will allow key documents to be uploaded with the intention of ‘making life easier’ for brokers.
Izard was recruited by Investec earlier this year in a bid to raise the intermediary profile of the bank and awareness of its large loan high net worth and professional mortgage service. Over 90% of Investec’s mortgage clients are currently served via intermediaries.
The new system will be deployed for its professional mortgage range, designed for qualified professionals earning over £75,000 each year and borrowing up to £1m.
“We want to make sure we launch the service using the extensive feedback of brokers, while continually monitoring their changing requirements,” Izard said.
“Currently our website has no way of completing online transactions so the intention is for brokers to be able to complete the whole mortgage transaction online and make life easier for them. But one of the key things we have also got to maintain is that personal contact.”
Izard said there was potential for some online capability to be introduced for its million plus mortgage, which targets borrowers with a minimum income of £300,000 and net assets in excess of £3m.
He explained that as the million plus mortgage was often tailored to customers’ needs, it was trickier to complete such a complex transaction fully online.
“There could be an element of underlying capability for the million plus mortgage to have the submission stage of the application completed online. However, we need to have a more holistic offering for that range as rates are bespoke so the mortgage is designed to meet individual needs in contrast to a mainstream product.”
