Investec Bank has launched dual representation for mortgages, allowing approved solicitors to act for both the buyer and Investec during the mortgage process.
The bank says this arrangement has the potential to shorten the time required for legal checks (by avoiding delays while two firms go back and forth) and also reduce the cost of a mortgage application (by reducing the number of firms who need to be involved).
Dual representation is typically harder for specialist providers of bespoke, high-value mortgages to provide for their high net worth borrowers, because of the additional complexity involved. To provide dual representation, Investec has enhanced its internal processes and systems and partnered with LMS.
Dual representation is available to clients who appoint legal firms meeting certain minimum requirements, and who have been onboarded by LMS. For particularly complex situations, Investec may be unable to undertake dual representation so separate representation, using its own panel, will also be available.
Peter Izard (pictured), head of intermediary business development at Investec, said: “We have a relentless focus on improving our offering for clients and our mortgage intermediary partners. We are already able to provide decisions quickly thanks to our embedded credit team, and allowing dual representation should make us faster still for many clients. This new enhanced feature will be a major step forward in our determination to continually enhance our service.”
