The changes are intended to make it easier and quicker for intermediaries to package a case correctly while also reducing the underwriting time for the lender.
At the application in principle stage, Santander’s system will work out what the customer needs to borrow and request the supporting documents accordingly. Santander said it hopes the changes will bring the average offer time down to seven days.
Lea Karasavvas, managing director at Prolific Mortgage Finance, explained that the speed at which mortgage brokers could provide offers was vital in securing referrals and new business.
“The new application portal with Santander means that on the point of submission of the case I know exactly what requirements are needed for the underwriter and I can then upload these straight away, giving the underwriter in an instant, what is required for the case to progress,” he said.
“This results in a well-packaged case, making it easier for me to progress to offer and also cutting down the underwriter processing time. The result here is less work for all, and the addition of a very satisfied client who is more than likely to recommend further business.”
Santander has also improved its solicitor questions asked at the full mortgage application stage, providing a drop down menu of its full panel so brokers can select the correct details straight away.
