Santander offers mortgages through video link
One of the UK's leading lenders has become the latest to launch a service that lets consumers go through the mortgage application process through a video link.
After a successful pilot in 2016, Santander have rolled out a mortgage video service in 63 branches across the UK. The technology now means that customers can apply for a mortgage remotely, although the bank insists in-branch advisers will remain available.
Bank moving towards allowing borrowers to apply through a video link from their own home
Santander has joined Nationwide, Lloyds and Yorkshire Building Society in launching a branch-based video link mortgage service.
Customers will be able to apply for a mortgage using a video link from one of 63 Santander branches, connecting them remotely to a UK-based mortgage adviser. Later this year, the Spanish-owned bank plans to enhance the mortgage video service by enabling customers to speak with a mortgage adviser by video link from the comfort of their own home.
Miguel Sard, managing director of mortgages at Santander, says: “We are excited to offer customers this new mortgage video service, which works well alongside our existing offering.”
Santander confirmed that mortgages will continue to be available in branches and that said that customers can still speak to a mortgage adviser in person if they want to. Borrowers can go online, call, or visit a branch to go through the initial stages of their mortgage application, providing documents where required.
New providers moving towards online mortgage applications
While a number of major lenders can now connect customers to an adviser by video link, the mortgage market continues to lag behind other industries when it comes to embracing new technology.
However, recent developments mean that consumers who want to go through the process online can now complete at least part of the process on the web. While borrowers generally have to speak to an adviser at some part of the process in order to have their application approved, some providers are in the process of developing systems to let people go through the entire process online.
New start-ups including Habito, Trussle and Dwell have been staging a push to deliver digital mortgage broking services to more people, while well-known brokers are also updating their technology in order to move to online applications
As well as initiatives such as the video interviews by Santander, Nationwide, Lloyds and YBS, banks and building societies are also working on enhanced mobile and app processes for dealing with the start of mortgage applications.