For the first time, New Street Mortgages has issued a mortgage offer within five business days.
The lender launched into the market in February and made its first five-day offer with First Complete member BLR Financial Solutions, for a borrower looking to remortgage their buy-to-let property.
A second five-day offer was made with Alexander Hall, through the firm’s new distribution partner, Legal & General Mortgage Club.
Amany Attia, CEO of Northview Group, New Street’s parent, said: “From the very start, we were confident we could deliver on our promise to complete a mortgage offer within 5 days. Getting an offer on a mortgage has become such a slow and uncertain process for many people, but at New Street we are working to transform the way we lend by making the mortgage application faster, clearer and more transparent and consistent for brokers and borrowers alike.
“This milestone is the result of some fantastic work by the team at New Street, and we look forward to seeing many more happy faces in the future as we continue to deliver our fast and transparent service to brokers and their clients.”
Ashley Lorrimer-Roberts from BLR Financial Solutions, added: “We are very pleased that New Street has been able to deliver on its promise of such a fast and smooth mortgage application. New Street’s promise of speed made it the best choice for our client, as we were able to leverage its advanced digital capabilities to meet the time-sensitive needs of the application.
“We were particularly impressed by the clear instructions that were provided from the moment the process began, including the exact information and documentation their underwriters required. The regular email updates were also very helpful in keeping our client in the loop at every step.
“Being proactive meant that we could make the best of New Street’s tools, and the ability to upload or download key documents before and after the offer helped to remove any unnecessary delays. New Street was able to manage all of this information and provide an offer in just five days. We hope that more providers will look to adopt similar systems in the future to remove some of the current bottlenecks with mortgages.”