Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Shawbrook Cuts Bridging Application Questions by 40% for Faster Processing
Shawbrook has introduced enhancements to its bridging application process, reducing the number of questions in its full mortgage application (FMA) by around 40%. The changes are designed to make it quicker and easier for brokers to submit and progress cases to offer.
According to Shawbrook, the reduction in FMA questions is intended to cut administration and speed up the route to offer. These updates are available immediately and apply to both the agreement in principle (AIP) and full mortgage application journeys.
The lender stated that it has shortened and refined the application journey by removing unnecessary questions. In addition, Shawbrook has launched a rebuilt bridging AIP on its new application platform.
Support for multi-property applications has also been added within the AIP process, subject to certain conditions. This aims to make it easier for brokers to submit portfolio cases.
Brokers can now move between different sections of an application without following a fixed order, providing greater flexibility during the submission process.
These enhancements are relevant for UK letting agents and inventory clerks who work with brokers and landlords seeking bridging finance, as the streamlined process may help speed up property transactions and reduce administrative workload.
Source: Mortgage Solutions