BM Solutions, the online division of UK building society Birmingham Midshires, is to launch a 'One Minute Mortgage' service which provides brokers submitting applications over its Web site with a 'virtual offer' in less than 60 seconds.
BM Solutions says the virtual offer will be subject only to valuation and in eight out of ten cases there will be no requirements for further information.
Michael Bolton, director of mortgages, Birmingham Midshires, says the new service is the last obstacle removed from a broker having to go through a third party.
"This isn't just a standard decision-in-principle, this is a cast-iron virtual offer given in around a minute. All products are available - buy-to-let, self-certification and sub-prime," says Bolton.
In a further move to encourage intermediaries to go online, BM Solutions is also offering an extra £75, on top of the normal procuration fee, for every online application, which proceeds to completion.
BM Solutions says over 50% of business is currently submitted online and within the next 12 months it expects that that figure to rise to 90%.