UK bank Alliance & Leicester (A&L) says 85% of all online mortgage applications submitted by mortgage intermediaries receive a decision in principle within 60 seconds.
A&L says over eight in 10 online applications take just 60 seconds to receive a fully credit-scored mortgage decision.
The lender is urging mortgage intermediaries to consider using online applications to save time. A typical paper-based mortgage application takes an industry average of 48 hours to complete and receive a credit-scored decision.
Mehrdad Yousefi, head of intermediary mortgages, A&L, says: "Our system has enhanced the whole mortgage application process for intermediaries, providing quicker decisions, faster processing, easy tracking of cases and less paperwork."