A&L goes fast track for mortgages

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Alliance and Leicester (A&L) has announced a Fast Track Guarantee.

Prime residential mortgage customers will have the benefit of a service that does not insist on additional paper verification of income, speeding up the mortgage process.

The deal is available for those borrowing 75 per cent or less of the cost of the property for a loan of less than £500,000, who are also employed and pass the A&L credit score.

The building society has said that the move is to encourage a flexibility that is in keeping with rapid technological advancements.

"Fast Track and affordability based lending are two of the most important recent innovations in mortgage underwriting, resulting from increased use of technology," said Ray Boulger, senior technical manager at independent mortgage experts John Charcol.

"The combination of good rates with Fast Track underwriting and good affordability based lending is always a winner."

The use of such technology is a very recent global application: JP Morgan Chase was the first US bank to use fast track authority for loans, which they announced on March 9th 2006.

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