Scottish Widows Bank launches online mortgage service

The new service, available immediately offers the following benefits:

- Mortgage Quotations – a fully compliant mortgage quote outwith normal working hours at up-to-date interest rates.

- Agreements in Principle – can be obtained for clients before proceeding to the full mortgage application stage. It can be submitted electronically with no need for a client signature. This builds on the bank’s existing approach of individual assessment and also gives the option of a credit search and a decision from its credit team within one hour.

- Mortgage Application – a full mortgage application can be submitted (again without signature) for the Professional, Flexible and Graduate mortgages.

- Case Tracking – any cases submitted (either on-line or via post) can be tracked by the IFA or broker, giving up-to-date information on the progress of all cases, rather than having to phone in.

Gordon Bowden, Business Development Director of Scottish Widows Bank says:

“One of the most significant aspects is that mortgage applications can be submitted directly by the IFA or broker with no need for a client’s signature until offer stage. Online authority is given which means we can commence processing and underwriting as soon as the case is submitted. This can cut a number of days out of the current processing cycle.

“The introduction of on-line services is an important development to support intermediaries and provide them with a choice. Scottish Widows Bank continually strives to provide IFAs with a high quality service and good value products by achieving the right blend between highly efficient automated systems and a bespoke service. We see ongoing systems development and system enhancement as a key to the future.”

A new Online User Guide which explains the services and the registration process in full is available from either www.scottishwidows.co.uk/ifa (select Products from the menu bar at the top of the screen then click on Mortgages from the drop down menu) where it can be downloaded, from the Bank’s Mortgage Sales team on 0845 845 0110 or local Business Development Managers.