LendInvest has launched automatic DIPs - decisions in principle - as part of its latest platform update.
The automated DIP process means that cases that meet certain criteria on application will be automatically accepted instead of requiring an underwriter to review the initial application; in turn, this could help speed house buying processes in a market already dampened by slow decision making at different points in the chain.
These instant decisions will be applicable for Tier 0 and Tier 1 mortgage applications to LendInvest.
The lender’s residential mortgage range targets borrowers with multiple sources of income, the self-employed and small-business owners, with bespoke products for key workers.
Esther Morley, the company’s managing director for residential homeowners, comments: “By launching automatic decisions in principle, we're not only expediting mortgage applications, but also championing unparalleled benefit for both brokers and borrowers.
"Speeding up the application process is high priority for the team, and we’re excited to be announcing further platform developments in the coming months.”