E-Loan has introduced its mortgage service, which will enable users to select a product and apply us...
E-Loan has introduced its mortgage service, which will enable users to select a product and apply using wireless application protocol (WAP) mobile telephones.
Initially the WAP service will let home-buyers calculate the maximum loan they can afford, the size of monthly repayments at different rates of interest and the impact of their repayment term by making over-payments.
Phase two of the group's project will allow users to select which mortgage quotation, out of more than 1,700 home loan products from over 50 UK providers, best fits their needs. The third stage of the service, to be implemented by the end of the year, will enable transaction of the application via the mobile phone.
Once an application has been received, a named mortgage coordinator will take ownership for ensuring that customers receive regular updates by e-mail and have a personal point of contact for any other help that may be required, according to Andrew Armishaw, chief executive of E-Loan.
Products will be available from providers such as Standard Life, Egg, Alliance & Leicester, Woolwich, Bank of Scotland, Bristol & West, Northern Rock, NatWest, Legal & General, First Active, Paragon, Verso, Platform and Scottish Widows.
E-Loan, which has a 25% share of the US online mortgage market, introduced its internet facility to the UK market in January. Until the third phase of the group's WAP project is implemented, users can log on to its website to complete applications.