A real-world example
John is looking at his options for a new mortgage deal
A reminder email alerts him that his current deal is nearly up and that he will revert to the Standard Variable Rate (SVR), so it’s time to renew, or look for a new deal.
09:15am
John searches for new deals online to check affordability
He asks his lender to email his redemption statement showing how much he will need to borrow if he chooses to remortgage. John checks his options online and enters his new salary and updated outgoings.
09:29am
John finds a great deal
Having been presented with an instant quote, he is sent the details digitally.
09:46am
John provides all required documentation to enable the lender to check eligibility and affordability
He can choose whether to upload copies of his ID or submit by post.
2 days later…
John receives a Mortgage in Principal (MIP)
The mortgage provider is happy with John’s documents and he receives a text with a link to take him to the MIP. He can now move ahead to valuation.
3 days later…
John receives his Mortgage offer
Having followed the Personalised URL, he clicks to accept the Terms & Conditions.
2 days later…
John receives his hard copy documents through the letterbox
His formal mortgage contract is sent by post with the associated documentation available online.