New website offers immediate decisions on commercial mortgages
With the mortgage market experiencing quite a shake up in recent months, it is natural to assume that getting mortgages is currently a difficult and lengthy process. Many lenders are now requiring lengthy credit checks and proof of income (especially for those looking for mortgages for contractors or interest only mortgages) in order to secure a mortgage for a borrower and this makes applying for a mortgage quite an undertaking at the present time.
Good news, then, for those looking to buy commercial properties, as Aldermore launch their new website designed to give instant decisions on mortgage applications online. The mortgage broker portal, called Acumen, is designed to be the first fully automated mortgage enquiry system in the UK, and allows the borrower to submit their mortgage enquiry, including personal details and bank references to receive an instant decision.
Acumen runs a credit check, as well as ID, serviceability and industry sector checks before giving its response, which will be a simple yes or no answer. If the website finds that the applicant is suitable for the loan, then it will also come up with a price as well as producing a heads of terms document which the borrower can print off and may prove vital in securing their mortgage at the next stage.
The point of the website is to give borrowers confidence in their mortgage application process, as once they have been approved by the website there is no fear of being rejected by their lender. As most people know, a failed mortgage application can prove devastating to a credit history and this could not be more damaging to a business. With an instant decision, the borrower knows straight away that they will not be rejected for their loan, as long as all the details entered into Acumen are honest and accurate.
This fast-tracks the mortgage application process, meaning brokers can give their clients a fast answer as to whether they are going to be accepted for their mortgage, preventing them having their time wasted in the long run and working out if it’s worth progressing with a certain mortgage deal.
The portal aims to be easy to use and as straightforward as possible, and still allows the client to go direct to their lender if they have any questions about making changes to a mortgage deal without fear of being rejected in the first place. It can only be a boost for the mortgage and property industry in the long run.
Article by: Andy McBride, Senior Mortgage & Financial Consultant at Contractor Mortgages Made Easy
Media Contact: Raman Kaur, Public Relations Manager.
Tel: 0844 44 88 800