Shawbrook Bank has used its new buy-to-let platform to provide a formal mortgage offer to a customer in 48 hours from submission.
This is ahead of the official launch of the platform, which will apply “advanced decisioning techniques and insights” via API technology.
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 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 (pictured), sales director at Shawbrook Property Finance, said: “Over the last 12 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.”
Daniel Brown, senior business manager at Commercial Expert, added: “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.”