Shawbrook Bank has provided a formal mortgage offer to a customer in just 48 hours from submission, using its innovative new Buy-to-Let Platform which officially launches shortly.
The new platform aims to streamline the entire application process for brokers by using the most up-to-date technology.
Shawbrook says that by applying advanced decisioning techniques and sophisticated insights via API technology, the new system will provide a quicker and more intuitive journey to credit decisions and property valuations, where eligible.
While testing the new platform, a broker submitted a new case for consideration. All third-party checks were automatically carried out as part of the application in principle (AIP) process, significantly reducing the requirements of the underwriting team.
An instant IMO was then generated, alongside a successful automated property valuation (AVM).The Broker swiftly provided the necessary documentation required for a Formal Offer.
From submitting an AIP to the offer being issued, the process took 48 hours.
Emma Cox, Sales Director at Shawbrook Property Finance comments: “Over the last twelve months we have been investing heavily in the technology we rely on behind the scenes to help deliver the best possible service to our customers.”
Daniel Brown, Senior Business Manager at Commercial Expert, commented:
“The new Buy-to-Let platform has made applying for a Buy-to-Let loan quick and simple. The AVM system produced an instant valuation which enabled me to provide a fully backed Indicative Offer to my client within minutes.
“We have all been impressed by the ease of the application process and the speed in underwriting the case to Mortgage Offer.”