Alliance & Leicester Mortgages has launched a fast-track guarantee service for its prime residential mortgage range.The system allows brokers to speed up the mortgage process, bypassing the need for additional paper income verification. It is available to prime residential second-time buyers and also to remortgage customers. To qualify for the fast-track system, clients must have an LTV of 75% LTV or below, pass a credit score, be employed and have a loan amount of less than 500,000. A&L says the move further consolidates its status as a flexible lender and enhances its affordability lending model that is based on each customer’s financial circumstances. Mehrdad Yousefi, head of intermediary mortgages at A&L, says: “This move signals a flexible approach to mortgage lending, in keeping with technological advances in the market. “As paper-based practices give way to online processes such as electronic payslips, we have enhanced our service proposition to provide a faster application to offer process as well as greater convenience to our broker customer base.” To continue the fast-track guarantee process after submission, brokers must make sure their clients satisfy A&L’s lending criteria, confirm their clients’ identity and the affordability of the loan. They must also verify that their clients’ details have not changed between the decision in principle and full application submission. Ray Boulger, senior technical manager at John Charcol, says: “Fast-track and affordability-based lending are two of the most important innovations in underwriting to have resulted from the increased use of technology. “A&L’s online affordability calculator is easy to use and now that it has added fast-track underwriting for most employed applicants borrowing no more than 500,000 up to 75% LTV, there is even more reason to use it. The combination of good rates with fast-track underwriting and affordability-based lending is a winner.”
Most British investors are missing a trick by focusing solely on holiday lets when buying overseas, reveals Assetz.Its research suggests much more reliable returns with a lot less work can be gained by investing in properties to let to the local market. There is a common misconception that overseas property investment must mean holiday homes, […]
How does the old poem go about keeping your head when all around you are losing theirs? Despite the rise in the base rate the equity release market stands apart from the mainstream and provides more great news for advisers after the recent rate cut by GE Life which saw its rate fall to 5.95% annual. Not bad for a rate fixed for life when the base rate is at 4.75%.
Advantage has recruited Platform’s star key account manager Sara Green as its divisional packager manager in the South. Green is widely credited with bringing in 40% of Platform’s packaged business and industry experts predict the firm will take some time to re- cover from her departure. She is also believed to have come at a […]
First-time buyers take it for granted that they will get parental assistance in order to get onto the property ladder, reveals research from Abbey. Not only do many first-time buyers live at home for a considerable time in order to save money, but parents are expected to give generously from their savings to help out […]
With continuing legislative changes dominating an already evolving market, regularly auditing your employee benefits schemes has never been more important.
News and expert analysis straight to your inboxSign up