Its fast track service allows completions at an average 13 days
Specialist lender West One Loans has reported completing a remortgage case in a record four days, surpassing the industry’s estimated average by up to 14 times.
The lender said borrowers benefitted from its fast track remortgage service, designed to expedite the remortgage process for customers.
Throughout 2024, users of this service have seen their remortgage completions conclude merely 13 days after receiving their mortgage offer – a stark contrast to the typical four to eight weeks completion times quoted by most lenders.
The service, shaped by broker feedback citing delays in the conveyancing process often linked to free legal services, leverages on-site conveyancers and title insurance to streamline operations. Starting legal proceedings immediately upon application receipt marks a significant shift from traditional practices, which typically commence after the offer issuance.
Read more: West One reaches lending milestone
West One’s initiative also introduces an option for same-day completion post-mortgage deed receipt, aiming to afford borrowers greater control over their remortgage timeline.
The service caters to standard remortgage clients and those seeking capital raising, accommodating loans up to £750,000 with up to 90% loan-to-value (LTV). A similar scheme is available for unencumbered remortgage applications up to £250,000 with up to 50% LTV.
Read more: West One extends residential range to all brokers in Scotland
“When we were preparing to enter the residential mortgage market in 2022, one of the pieces of feedback we received was that the remortgage processes took too long,” said Marie Grundy (pictured), managing director of residential mortgage and second charge at West One Loans. “That’s why we decided to launch our fast-track remortgage service, in which we start the legal process on receipt of the application, rather than delaying the start of the legal work until the offer has been issued.
“The service has gone down extremely well with brokers and their clients, who complete in days with West One, as opposed to weeks with other lenders.”
Paul Lefevre of Happy Brokers, who introduced the record-setting remortgage case, lauded the swift completion as a remarkable outcome for his client.
“To enable a completion within four days of receiving the application was a fantastic customer outcome for my client, especially considering that the borrower in question was a self-employed customer with a shorter trading history who needed to remortgage away from a specialist lender,” he said. “As an added advantage, the borrower managed to make significant monthly savings by switching to West One.”
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