One Mortgage System (OMS) has partnered with second charge specialist lender Step One Finance to complete an application programming interface (API) integration.
The integration will allow OMS users to directly access Step One Finance’s products and allow them to conduct a full decision in principle without data rekeying.
The two-way API will support and speed up the advice process, sourcing and delivery, according to OMS.
Step One Finance was founded in 2010 and provides both secured or second mortgage loans and personal loans.
Its mortgage loans are available to homeowners and owners of buy-to-let properties in England, Scotland and Wales.
Step One Finance’s minimum loan size is £10,000 and its maximum loan size for residential secured loans is £200,00 and £150,000 for buy-to-let.
The minimum age for secured loans is 21 years old and there is no maximum age. The lender’s minimum income requirement is £16,000 for sole applicants and £20,000 for joint applications.
Step One Finance can lend up to 95 per cent loan to value (LTV) for residential secured loans and 90 per cent LTV for buy-to-let.
The lender has recently enhanced its website and broker portal to improve its functionality and give brokers fast initial price indications and less labour-intensive information requests.
Neal Jannels (pictured), managing director of OMS, said that Step One Finance had a “strong reputation” in the second charge and intermediary marketplace and the integration would five OMS’ users “even wider range of specialist lending options”.
He added that specialist lending options were “becoming increasingly prominent in meeting their clients ever-changing borrowing needs”.
Jannels continued: “As a lender who has embarked on a tech journey to incorporate systems designed from the ground up to streamline the customer journey and to reduce processing times there are many synergies with OMS. And, when combined with core principles of responsibility, transparency, fairness and simplicity, I’m sure this will prove to be a high successful partnership going forward.”
Martin Porter, head of lending at Step One Finance, said: “We are excited to have the full range of our second charge mortgage products integrated and available via API on the OMS platform. Our goal of facilitating a faster and more efficient loan application process using technology is advanced with the announcement of this partnership.
“Neal and the team at OMS have built an impressive all encompassing tool and we look forward to continuing and expanding our relationship.”