Barclays has revealed an updated residential mortgage application system, which it claims can complete cases in 15 minutes on average.
The bank said the system had been built with “broker needs at its core” and was simpler and faster than the previous platform.
The new system is said to have a more “intuitive” and “streamlined” application journey, where information flows through without the need for rekeying and reduced admin requirements.
Barclays said application times had been shortened by around 66%, speeding up the time to offer process.
Brokers have tested the system and include three improvements to the application process.
Its affordability calculator form has been redesigned to be clearer with streamlined questions and an interface that is easier to use.
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The agreement in principle (AIP) has also been updated with brokers in mind, with downloadable AIP certificates.
Further, the application journey has been made faster and simpler with fewer questions and improved document uploads, such as a drag and drop function and an expanded file size limit of 15MB.
Brokers will also have access to real-time updates, alerts and visibility over each stage of the application.
One adviser who used the system said: “That’s probably the easiest AIP I’ve ever done,” while another described it as: “So quick… [we] complete three new apps in the time it would have taken for one.”
A third broker said: “The system is very user-friendly and [provides] much quicker results with less information needed. So far, very impressed.”
Barclays listening to brokers
Roland McCormack, head of intermediaries at Barclays, said: “We have listened, we have heard, and we have acted. Our new application system has been shaped by extensive broker feedback and is designed to specifically address their needs, bringing wholesale improvements in key areas.
“The launch of this system is an important milestone in our broader transformation journey, having recently undergone an organisational restructure to place greater focus on supporting our intermediary partners, and a demonstration of our long-term commitment to this vital group.”