The launch comes on the back of a 12-month pilot scheme with PSM. The service was only previously marketed to limited numbers in order to ensure that the necessary levels of service standards were attainable but has now become generaly available with immediate effect.
During the pilot Abacus paid £45 on each completion but following its success Abacus has been able to negotiate a fee of £75 commission for each completed case.
Marc Turner, head of sales at Abacus Permanent, explained that the service is aimed at speeding up broker processes as they can obtain a quote, instruct a case and track online all via the Abacus website.
Alternatively brokers are able to speak directly to Abacus who will instruct and ensure a swift completion on behalf of the broker. He said: “We have been working on this proposition with PSM for the past 12 months and have built up a good relationship with them and they are in close contact with our post-offer team.
“As a branded lender we have to provide added services to the broker proposition and this service enables brokers to get their cases approved quickly and efficiently.” Eddie Goldsmith, senior partner in law firm Goldsmith Williams, said: “This is something I expect to happen more and more. A specialist lender working closely with a law firm will give extra benefits in terms of control over completions.
“With the market being at a such a low ebb and customers being rare, the wider the service that a lender can encompass the more likely it is to keep the applicants.”
