The Mortgage Hub aims to speed up the ‘outdated and cumbersome’ mortgage application process whilst also increasing accuracy.

The system integrates with Open Banking and third-party APIs which reduces the requirement to repeatedly enter the same data.

As such, it can offer a Decision in Principle (DiP) in as little as 20 seconds, which will save time and operating costs for both lenders and brokers.

Firms adopting the platform can either use it as a standalone solution or it can integrate with existing lender software.

The Mortgage Hub is being launched in collaboration between Target Group and other portfolio companies owned by Indian tech giant Tech Mahindra, which employs over 125,000 people across 100 countries.

It comes following extensive qualitative and quantitative research with mortgage customers, intermediaries, lenders and behavioural scientists.

Stuart Anderson, chief commercial officer, at Target Group, said: “We are excited to be launching this financial service technology which simplifies and digitalises the mortgage process and makes a measurable difference to lenders, brokers and their customers.

“While other platforms have treated old processes with “digital lipstick,” we’ve developed a system that digitalises the entire process, taking everything apart and building from the ground up.

“Despite technology pushing many sectors forward, the mortgage market has dragged its heels, with many lenders and brokers still using slow, bureaucratic and outdated processes which haven’t really changed over the past 70 years.

“We’ve developed a platform which draws on our wealth of experience in the mortgage lending and regulated financial servicing industry, built with customer experience at the forefront.

“For the broker, there is much less room for error as customer information only needs to be keyed in once.

“Operational costs for the lender will be reduced and applications easier to track, with customers being kept updated every step of the way.”

Target Group has announced a major modernisation programme under the leadership of recently appointed CEO Dr Roger Newman.  The Group specialises in lending, investments and savings services.