Initially, the system will only be available for new mortgage business, including buy-to-let purchases, let-to-buy and remortgage applications.
Product transfers, further advances and transfer of equity will move to the new system during 2021.
Enhanced features include improved self-service options, built-in document upload, ability to amend applications post submission and alternative lending proposals at decision stage where available.
Intermediaries will be invited to register for the new system as part of a phased roll-out and once online they will be able to use improved case tracking functionality which includes key milestone and valuation notifications, email updates and administrator features to enable keying by admin teams.
Phil Rickards (pictured), head of BM Solutions, said: “We have already made a range of digital enhancements and invested in technology and these latest additions are designed to improve brokers’ experience through the application process with increased functionality based on their feedback.
“We’re as committed as ever to supporting the buy-to-let market and we are working towards expanding the new features early next year.”
Product transfer and further advance applications will continue to be submitted using the current One Minute Mortgage process and transfer of equity transactions will continue to follow the existing application process in the meantime.