Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has provided a formal mortgage offer to a customer within just 48 hours from submission. Using its new buy-to-let platform, ahead of the official launch, the entire application process was streamlined for the broker using the latest technology.
Through API technology and advanced decisioning techniques, this new system will aim to deliver a faster, more intuitive route to property valuations and credit decisions, where suitable.
During this test of the new platform, a broker submitted a case for consideration following which all third-party checks were conducted automatically as part of the AIP process. An instant IMO was generated along with a successful automated property valuation. This significantly reduced the overall time from submission to the offer being issued.
Emma Cox, sales director at Shawbrook Property Finance, said: “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. The launch to our Strategic Partners has already demonstrated the benefits these improvements will have. This is just the start of a series of digital enhancements that we will be announcing in 2021 to improve broker experience and ensure a more efficient application journey for our customers.”
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Last year, the bank launched MyShawbrook, to streamline the switching process for existing buy-to-let customers; allowing them and their brokers to make applications at the end of their mortgage term.