Halifax has launched a new combined product transfer and further advance process to simplify the broker journey.
The lender had unveiled its new further advice application process in September to allow brokers to support existing Halifax customers looking for additional borrowing.
From 28 January, brokers wanting a further advance where a product transfer is also required will follow the “new and improved process”.
The process has instant decisioning, with a decision in principle that has a “soft footprint” credit search.
Brokers can also create and review illustrations, save and resume keying, and amend the loan amount and other details before submitting the full application.
The online system fact-find questions will automatically determine if an application can follow the new process.
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The lender said a “small number” of applications will follow the previous process, during which the “application needs to be fully submitted”, but brokers would receive an email update with a decision and mortgage illustration.
The combined product transfer and further advance application will come into force from the first of the month after the further advance funds are released.
Amanda Bryden, head of Halifax Intermediaries and Scottish Widows Bank, said: “We’ve been working with brokers to streamline the product transfer and further advanced application where they are taken together, making the process better for them and for Halifax mortgage customers.
“Following a successful trial, these applications will now follow the same improved process we launched in September for further advances – making it easier for brokers helping customers meet their financial needs and improve their homes, at the same time as securing a new deal.”
Last week, Halifax announced it would be increasing select fixed rates by up to 0.2%.
