West One Loans has completed a remortgage case in a record four days.
The lender claims this is up to 14 times faster than the estimated industry average completion times for remortgage applications.
The borrowers utilised West One’s fast track remortgage service, which is designed to significantly speed up completion timescales for remortgage customers.
On average, borrowers who have used this service in 2024 have completed 13 days following the mortgage offer being issued.
West One’s fast track legal service is provided by on site conveyancers using title insurance to speed up the process. The legal work starts upon receipt of the application and the service allows borrowers to have more control over completion timescales. West One also aims to provide a same day completion upon receipt of the mortgage deed.
This service is available to standard remortgage customers, including those looking to capital raise for loan amounts up to £750,000 up to 90% LTV. A similar service is available for unencumbered remortgage applications up to £250,000 up to 50% LTV.
Marie Grundy (pictured), managing director of residential mortgage and second charge at West One Loans, said: “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.
“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.
“In this particular case, our efficient service meant that all information was assessed and uploaded within the first 24 years, shaving even more time off the end-to-end process.
“We believe our fast-track remortgage service is a real differentiator in this area of the market and is ideal for those who want to have more control over completion timescales.”
Paul Lefevre, of Happy Brokers, the broker who introduced the remortgage case that completed in four days, added: “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. As an added advantage, the borrower managed to make significant monthly savings by switching to West One.”