Britannia Building Society has this week launched an online mortgage application which enables applicants to obtain a real time, credit scored, online decision for their mortgage in 10 minutes.
The entire application process at www.britannia.co.uk, including receipt of a decision and entry of all other relevant information, is expected to take individual applicants just 15 minutes to complete and joint applicants 20 minutes. Britannia says this is unique to the UK financial services market. Britannia's new application channel allows applicants to be credit scored in real time. Other major lenders offer a decision in principle based around income multiples.
Dan Brearley, project manager at Britannia, says: “We wanted to offer our potential and existing members a fast and easy route to fully apply for a mortgage. To achieve this we have re-engineered our processes, which has seen a reduction of 60% in the data needed. The result is a true online mortgage application, which we were proud to have built internally.”