A house in Scotland has seen the quickest recorded mortgage deal over its purchase, as prospective borrowers take advantage of a new breed of instant home loans .
The history-making transaction occurred within 48 hours, and concerned a £140,000 house in Bishopbriggs, near Glasgow . The completion of the deal marks a new stage in the mortgage process . In recent weeks, lenders have introduced new technology that allows mortgages to be completed in record time.
The technology brings together credit history, land registry and property-value into a single place, allowing instant decisions to be made. Brokers are quick to praise the new mortgages, with one claiming them as "the biggest step forward in many years." Some experts are sceptical, however, warning that this type of loan process could be unsuitable for some groups of buyers.
One expert, from Moneyfacts, said: "These quick mortgages are new on the market and will create competition, which in turn is good news for consumers. It is possible the bigger lenders will now follow suit by speeding up their processes ."
Glasgow broker Moneyquest conducted the transaction. The sales director of the company, Derek Pollard, said: "In this instance, the customer already had a mortgage and was looking for a way of tidying up the finances . We were able to bring the customer's credit history, financial information and property details in one place so that the lending company could make a quick decision. Because of the way they work, the big High Street lenders aren't able to complete mortgages so quickly, but that will change as the marketplace demands faster transactions. Obviously it isn't possible to give instant decisions for the likes of first-time buyers or buyers without the right credit history, but for others this will cut out a lot of the hassle."
Both GMAC-RFS and Edeus are introducing the new technology, whilst the biggest mortgage lender in the UK, RBOS, are said to be hot on their heels.
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