January 2007
Using automated valuation model (AVM) software, your property can be valued electronically at the touch of a button. The AVM software takes account of recent property valuations and house sales in your street, along with data on current trends locally and national property trends. The system is then able to form an estimate of the property value.
Along with this your credit record is searched electronically and a credit score is obtained. A growing number of lenders now accept the quality of an AVM valuation and electronic credit scoring, and are able to produce an instant mortgage offer. This of course is subject to the valuation and credit score being suitable to cover their lending criteria.
This means that you can have a legally binding mortgage offer within minutes (usually about 20 minutes) of your telephone call.
As with most rapid services, the lender or broker will usually add a premium to the mortgage to cover their administration costs.
With today's advances in technology, the mortgage and lending industry has changed at a rapid pace. Amongst many new products in the financial marketplace is the Instant Mortgage Offer. With the aid of technology we can arrange a mortgage for you over the phone and produce a firm offer in about 20 minutes. This is not an offer in principal which is subject to surveys, valuations and searches. An instant mortgage offer offers you:
Instant mortgages are not likely to be offered to first time buyers or people with a poor credit history, although alternative products can usually be found.
Associated Articles
Moving
with the times
Mortgage Introducer - 25 November 2006
Snap
up an instant home loan
The Times - 23 September 2006
48-hour
mortgage deal is quickest ever
The Scotsman - 20 September 2006
Instant
mortgages becoming accepted
Mortgages .co.uk - 20 September 2006
See also: Three Day Mortgages, Fastest Bridging Loans, Find me a mortgage and Home Information Packs
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