Shawbrook has completed its first limited company remortgage in 28 business days using the digital conveyancing platform, PEXA.
The professional property investor, an existing customer, was seeking a £70k remortgage for their 11-property portfolio in Blackpool.
Clever Lending, the broker for the customer, utilised MyShawbrook — the bank’s application portal. This platform offers an instant indicative mortgage offer, coupled with automated valuation models (AVMs). By obtaining an AVM at the initial stage, both the broker and the customer gained confidence that valuation challenges wouldn’t arise later in the process.
Clever Lending submitted a fully packaged formal mortgage application, which contributed to the offer being issued five business days later for the £70k loan at 75% LTV, fixed for five years on a 25-year term.
As the first bank in the UK to utilise PEXA’s digital conveyancing platform, the customer benefitted from a quick and efficient remortgage, taking 28 business days from formal mortgage application to completion.
Steve Sanderson, commercial & bridging specialist at Clever Lending, said: “For professional property investors, additional admin and unexpected delays can be a frustrating part of the remortgage process. PEXA’s limited company functionality is an excellent addition to the Shawbrook offering as it reduces the time and effort required, providing a significant benefit to both brokers and our clients. It was a quick completion post-offer, so my client and I are delighted to get the remortgage done and dusted.”
Sarah Woolf, senior regional development manager at Shawbrook, added: “Using innovations, such as MyShawbrook and PEXA, for this limited company case shows that remortgaging doesn’t have to be a long and arduous process. When technology is used in the right way to enhance the lending process, great outcomes are possible for both brokers and their clients. 28 business days is a fantastic turnaround, particularly over a period of multiple bank holidays.”