Shawbrook Bank has published its Service Level Agreement (SLA) metrics for August.
Despite a number of the bank’s team, solicitors, valuers and brokers on holiday over the month, Shawbrook was still able to work a total of 4,067 items, 1,130 of which related to short term loans and 2,937 to term loans.
Standards were maintained in term loans with over three quarters (78.5%) processed in 48 hours and almost all (99.5%) processed within 72 hours. Of the short term loans, three quarters (75.7%) of applications were processed within four hours.
In August the short term loan team with Pure Law saw 46% of instructions completed within 30 days, with one tenth completing in 10 days or fewer.
The term refinances differed in speed depending on whether the client chose to waive solicitor representation or not. The non-representation option resulted in 20% of instructions being completed within 10 days, compared to 4% with representation. 44% of non-representation instruction completed in 30 days compared to 37% with representation.
Of the term purchases instructed, 2% completed within 10 days and 23% completed inside of 30.
Karen Bennett, sales and marketing director, commercial mortgages at Shawbrook Bank, said: “Being honest and transparent with our brokers and clients is important to us and we’re proud that in a traditionally quiet month our SLA metrics show that we’ve been able to keep up our service standards. We’re looking forward to seeing September’s numbers when it will be back to business as usual.”
