Fleet Mortgages has launched an instant confirmation system that promises to let brokers know if the lender has accepted or declined an application in principle.
The automated decision-in-principle system was developed to be used for cases that score well on the provider’s bespoke credit-scoring system.
It gives an immediate decision as to Fleet’s’ intention to lend, subject to valuation and validation of information, compared to the 24 hours it currently takes.
According to the buy-to-let specialist, which only sells its products through authorised intermediaries, the system was developed after monitoring of its manual decision-in-principle process.
Bob Young, chief executive officer of Fleet Mortgages, said: “Where possible this will give an immediate response which will be especially useful for those advisers with clients who score highly on our credit-score system, and will also allow those who are declined to swiftly pursue other lending avenues. This is not a return to an instant ‘yes’ without validation, however as Fleet Mortgages will still complete a full underwrite of each case once we have received the valuation and the items requested.
“We take our service delivery and levels very seriously as they are critical to our overall offering and we believe the introduction of this system is a significant and important step for Fleet Mortgages to be able to offer to advisers.”
Nicki Sparks, mortgage adviser at HFS Milbourne Financial Service, based in Surrey, said: “The system isn’t anything new. They are falling in line with what other lenders have already done. You can’t really be expected to wait, or afford the time to wait a couple of days to find out whether a decision has been agreed in principle.”