Shawbrook Bank completes formal BTL mortgage offer in 48 hours using new tech platform

By Bridging Loan Directory 25th March 2021

Shawbrook Bank has provided a formal mortgage offer to a customer in just 48 hours from submission, using its innovative new buy-to-let platform. This is ahead of the official launch of the platform.

The new platform aims to streamline the entire application process for brokers by using the most up-to-date technology.

Applying advanced decisioning techniques and sophisticated insights via API technology, the new system will provide a quicker and more intuitive journey to credit decisions and property valuations, where eligible.

New technology in action

While testing the new platform, a broker submitted a new case for consideration.

All third-party checks were automatically carried out as part of the application in principle (AIP) process, significantly reducing the requirements of the underwriting team.

An instant IMO was then generated, alongside a successful automated property valuation (AVM).The Broker swiftly provided the necessary documentation required for a formal offer.

From submitting an AIP to the offer being issued, the process took 48 hours.

Emma Cox, Sales Director at Shawbrook Property Finance comments:

“Over the last twelve months we have been investing heavily in the technology we rely on behind the scenes to help deliver the best possible service to our customers.

The launch to our strategic partners has already demonstrated the benefits these improvements will have.

This is just the start of a series of digital enhancements that we will be announcing in 2021 to improve broker experience and ensure a more efficient application journey for our customers.”

Daniel Brown, Senior Business Manager at Commercial Expert, comments:

“The new buy-to-let platform has made applying for a buy-to-let loan quick and simple.

The AVM system produced an instant valuation which enabled me to provide a fully backed indicative offer to my client within minutes.

We have all been impressed by the ease of the application process and the speed in underwriting the case to mortgage offer.”