A&L says 85% of online mortgage applications are done in 60 seconds

A&L says 85% of online mortgage applications are done in 60 seconds

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."

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