The industry could see two-hour mortgage completions as early as next year, says the director of Close Mortgages, Bob Golden.Golden says that with automated valuation models, credit scoring systems and title insurance, processing applications will become much easier, especially for remortgaging. But he adds that small and medium-sized societies may lose out as they struggle to adapt. Speaking about the new players entering the market, Golden says these lenders are in a good position because they can start afresh and will not have to rely on old systems. He says: “It is small and medium-sized societies that will be squeezed.” Michael Bolton’s new lender edeus is hotly tipped to offer the first instant mortgage offer in the country when it launches in September. And Close has announced that it is making mortgage offers within five working days of application. Jeff Knight, director of marketing services at GMAC-RFC, says: “Nothing is impossible but completions are a different ball game to offers. One of the advantages of a longer completion is that it gives time for clients to ensure they are making the right decision. “Also, there are a lot of outside parties involved in completing a mortgage – such as solicitors – which you can’t always rely on.” Although Golden will not reveal figures, he says Close has received good broker feedback since its launch on July 17 and has completed all its mortgage cases within 14 days. He also reaffirmed its plans to distribute solely through Mortgage Intelligence and says it has no intention of widening its distribution. Close plans to bring out a fresh set of mortgage products before the new year.