Shawbrook has completed a buy-to-let remortgage for a new customer in 37 working hours.
The landlord was seeking £85k to refinance a buy-to-let property in Stockton-on-Tees, County Durham.
Unicorn Commercial Finance submitted the case on behalf of the customer via MyShawbrook, the bank’s application portal. The system provided automated credit checks and an AVM so a formal mortgage offer could be issued four working hours later, confirming the £85k loan including £18k capital raise on a 10-year interest only term, fixed for five years.
Using the bank’s case tracker, Unicorn Commercial Finance immediately knew the documentation required to satisfy the underwriting conditions, providing them swiftly to progress the case. Solicitors were instructed and used PEXA in the conveyancing process to ensure a quick outcome for the customer.
The full application was submitted on a Wednesday evening with completion taking place the following Tuesday.
Som Emadi, director at Unicorn Commercial Finance, said: “37 working hours from application to completion for a buy-to-let is outstanding, particularly for a new-to-bank customer. Shawbrook continue to demonstrate that leveraging technology to enhance the lending process in key areas with a great underwriting team is a winning combination.
“I look forward to continue working closely with Dylan and the team to deliver brilliant outcomes for my clients.”
Dylan Bleasdale, regional development manager at Shawbrook, added: “This case is a prime example that the remortgage process doesn’t have to be long and stressful. Our investment in advancing technology at all stages of the process is paying dividends with fantastic outcomes for customers, illustrated perfectly with this 37-hour remortgage.
“I’m confident that this is just the first example of a journey that more of our customers will experience, and that we’ll continue to improve.”