As part of the proposition the application is able to go straight to offer after an agreement-in-principle (AIP) has been received.
The product features free valuations, self-certification up to 90 per cent for employed and self-employed. Its two-year fixed rates start from 5.90 per cent. The range of products allow intermediaries to offer their clients instant offers once the case has reached AIP stage, and are available through Solent’s Porthole extranet.
Commenting on the changes, Ian Balfour, sales and marketing director at Solent Mortgage Services, said: “Victoria has been quick to recognise the potential of our online offering to intermediaries through the Porthole. The product is among the first to be designed not only to offer great value for customers but also revolutionise the speed with which offers can be produced. I would urge all intermediaries to look at working online through Porthole, available through our website, and taking advantage of this new product.”
David Newman, marketing director at Victoria Mortgages, added: “We are delighted to be working with Solent Mortgage Services. The new product has been developed in conjunction with Solent to offer intermediaries a competitive product range which utilises all the benefits of the Porthole technology to provide the very best possible service.”
Andrew Forsey, director at Andrew Forsey Financial Services, commended the mortgage industry for introducing instant valuations. However, he added: “GMAC-RFC also offers instant offers and while they can be very useful in most cases, you will find that for certain desk-top valuations, the process can take longer.”
