Halifax has this week introduced a new online service which will allow potential customers to receive a mortgage agreement in principle in just 15 minutes.
The bank says the tool is aimed at first-time buyers heading to property viewings and is available on mobile, tablet and desktop. Potential borrowers will be able to use the tool to understand how much they will be able to spend on a purchase and what level of deposit they are likely to have to put down.
Craig McKinlay, mortgages director at Halifax, said: “The launch of this new instant agreement in principle tool significantly reduces the amount of time a customer will need to spend to obtain a lending decision from Halifax.
“Being able to complete the application while on the move on both mobiles and tablets helps our customers fit the process around a hectic schedule. We are continually exploring ways in which we can serve our customers in the way that best appeals to their needs and this new offering further cements our reputation as the bank who gives our customers extra.”
Once the lending decision in principle has been obtained via the tool, customers will be able to use a calculator to edit the term and deposit amount to illustrate the impact this has on their monthly repayments. Extra costs such as stamp duty and likely legal fees will also be displayed.