The service, which is available from 13 November, is only available through regulated mortgage intermediaries submitting new and remortgage business to BM Solutions. It is available to customers who have a deposit of 15 per cent or higher on new loan applications. The facility will allow brokers to secure an offer at point-of-sale as well as print the offer document in their office.
There are four valuation types available, including automated valuation, lender’s standard valuation, homebuyers report and structural survey. Offers are valid for six months and will be provided in 15 to 20 minutes, with BM Solutions confirming the details by e-mail.
Tim Hague, director of BM Solutions, said: “This step sees BM Solutions introducing further new technology and bringing consumer choice with it. Consumers will now have four types of valuation to choose from and will be guided through the process by highly qualified and regulated mortgage intermediaries and advisers.”
Nick Gardner, director at Chase de Vere Mortgage Management, said: “This move by BM Solutions is a good thing and entirely common sense. The launch of automated valuation models is a continued trend that is likely to continue across the industry, it speeds up the mortgage process and produces perfectly accurate valuations, making it good for brokers to do business. More lenders are likely to jump on board and follow suit to make sure they stay in the game.”
