Abbey adds completion to case tracking system
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Brokers will now be updated by Abbey for Intermediaries when their mortgage case completes.
The lender has upgraded its Mortgage Application Tracking System so it notifies brokers when cases complete, as well as when the valuation and certificate of title deeds are received and funds are released.
In Mortgage Strategy’s cover feature this week, Miguel Sard, managing director of Abbey for Intermediaries, says: “The feedback we received was that brokers wanted to be kept up-to-date on every step of the process from the application to valuation, to the offer and then the completion.
“As we say, getting better never stops when it comes to service we can always find things to do better. It’s not about launching a big system that takes you four years to complete it’s about every day getting better and developing things that our customers are asking for.”
Bob Riach, proprietor of Riach IFAs, says it’s a good move but other lenders already offer the service.
He adds: “It’s important lenders offer this because brokers are not always alerted when a case has completed. The solicitor doesn’t always inform us and it makes it hard to progress the case and arrange things such as property insurance, but Abbey is not the first to do this.”
Santander UK revealed last week that it increased its gross mortgage lending in Q3 2011 by 29%, compared with Q2. It did gross lending of £7.1bn in Q3 compared with £5.5bn in Q2 and £4.2bn in Q1.
So far this year it has carried out £16.8bn in gross mortgage lending, compared with £19.2bn this time last year a 13% decrease.
Net mortgage lending amounted to £600m in Q3, up from £200m in Q2 with the average LTV at 65%.
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