MortgagesAug 3 2015

Halifax offers agreement in principle in 15 minutes

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Halifax offers agreement in principle in 15 minutes

Halifax has launched a mobile agreement in principle tool, which enables customers to receive an instant lending decision.

Also available on tablet and desktop, the tool has been designed to ensure customers are aware of exactly what they can afford when looking for a property.

As the lending decision is based solely on information relating to the person applying for the agreement in principle, there is no requirement to enter property details such as value or deposit amount.

Customers need to enter information about their circumstances, income and commitments to receive a lending decision.

Once the decision has been obtained, customers are able to use a calculator to edit the term and deposit amount to illustrate the impact this has on their monthly repayments.

Indicative costs, such as stamp duty and legal fees, are displayed to the customer to demonstrate the extra costs associated with buying a property to ensure they are aware of everything they need to budget for.

The lending decision will then be emailed to the person applying, along with information about next steps in the mortgage process. Customers also have an option to send the lending decision to their estate agent and a family member.

Craig McKinlay, mortgages director of Halifax, said: “Being able to complete the application while on the move on both mobiles and tablets helps our customers fit the process around a hectic schedule.”

emma.hughes@ft.com