Fleet Mortgages has launched an automatic decision-in-principle system that provides brokers with instant confirmation of whether their client has been accepted or not.
The system will be used for cases that score well on its credit-scoring system.
However, for other cases, the lender will continue to use its manual DIP process.
Fleet Mortgages chief executive Bob Young says: “It’s not our intention to leave advisers and their clients hanging for days waiting to hear whether we will lend, so alongside our manual DIP process we have been able to introduce our automatic DIP accept/decline system.
“Where possible this will give an immediate response which will be especially useful for those advisers with clients who score highly on our credit-score system, and will also allow those who are declined to swiftly pursue other lending avenues.
“This is not a return to an instant ‘Yes’ without validation however as Fleet Mortgages will still complete a full underwrite of each case once we have received the valuation and the items requested.”