Mform.co.uk launches online applications

Mform.co.uk has launched direct online mortgage applications to Intelligent Finance and ING Direct.

Mform.co.uk says a growing number of consumers are becoming confident online and are increasingly opting for internet applications.

It expects to have signed deals with a further six lenders by the end of 2007.

Currently only around one in 10 mortgage applications is made online but mform.co.uk believes this number will grow rapidly.

It estimates that online applications will slash processing time by at least 50%.

Eamonn Rice, chief executive of mform.co.uk, says: “We’ve just seen the 10th anniversary of online banking but so far the mortgage industry has failed to respond.

“The industry’s reliance on paper-based systems and call centres can needlessly prolong the application process to the detriment of customers and ultimately the industry itself.

“Our aim is to empower people to find the best mortgage for their needs and to make the application process more transparent and less stressful.

“These deals with Intelligent Finance and ING Direct are an important first step, and there’s more to come.”