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.”
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