BM Solutions, the online division of UK building society Birmingham Midshires, has launched its mortgage processing service with a promise to pay intermediaries an extra £50 on top of the standard fee for each online application that proceeds to completion.
The launch follows a successful pilot where over 1000 intermediaries pre-registered for the mortgage application and tracking service in its first four days.
The service has been designed to save time and money for intermediaries by offering real-time case tracking, product matching, client illustrations and finance tools.
Michael Bolton, director of mortgages, Birmingham Midshires, says: "We aim to have 20% of our mortgage applications processed over the Internet by the end of the year."
Graham Lee from the Independent Mortgage Centre was the first to process an online application on the site and says the case only took one and a half hours from submission to instructing the valuer.
In addition to the £50 sweetener, BM Solutions is also entering intermediaries into a prize draw for a Mini Cooper for every completed case submitted online.