Customers taking an Alliance and Leicester mortgage through a broker are going to find the process is much faster than it used to be thanks to the introduction of ifax.
This new system transforms faxes sent by brokers into emails that are therefore much easier to read and go straight to the relevant persons inbox rather than hanging around the office. An Alliance and Leicester spokeswoman supported the move and confirmed that the new ifax system would greatly increase processing speed and reduce errors.
The system can work for pretty much all the relevant documents so at each step of the way Alliance and Leicester mortgage customers will see a speedy turnround on their paperwork. The system will also be of great benefit to the intermediaries too of course.
One of the biggest mortgage providers in the UK, the Halifax, has announced more interest rate reductions on several of its home loan products.
The average mortgage rate reduction made by the Halifax is 0.25 percent, with most of its main tracker and fixed rate products enjoying this cut. Potential customers should be aware that they need to put down a deposit of at least 25 percent in order to receive this lower rate.
A Halifax spokesman explained that they were passing on recent reductions in the cost of borrowing that the banks charge each other, feeling it is in the interest of the market to offer the very best possible rate whenever possible.
The latest data from the Halifax shows a 2.4 percent drop in house prices for May 2008, making them 3.8 percent lower than they were in May 2007.
A house builder commenting on the state of the housing market right now felt it was quite depressed, with sales numbers well down compared to what was expected. They are forecasting sales down by around 15 percent compared with last year and when combined with lower prices as well the state of the new house market is precarious. The Halifax figures have been confirming this situation for the last few months so it has not come as a surprise to anyone.
What is making the property market harder to work in is the limited availability of home loan funds. The Halifax mortgage providers, as well as those of other financial organisations, are being more wary of who they lend money to. Larger deposits are required now as well as a whiter than white credit history, making it much more difficult for buyers to source the funding they need.
