The lender said making its fast-track legal service free will save significant time and money for its brokers and their borrowers.
The service is available on loans up to £750,000 for remortgages and capital-raising mortgages on unencumbered properties in England, Wales and Scotland.
The firm allows loans up to 90% capital raising remortgages, including debt consolidation.
On debt consolidation remortgages, the lender will discharge debts directly by BACS payments, avoiding additional legal costs through third-party solicitors, who often charge the client for each item of credit being repaid.
There is no requirement for a borrower to have any legal representation during the remortgage process unless the independent legal advice is needed.
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West One Loans offers automated valuation models (AVMs) for remortgages and mortgages on unencumbered properties.
Rates for remortgage start at 5.89%.
The lender said it completed remortgage cases using the service within an average of nine days of the offer being issued to brokers.
‘Our fast-track legal service is unique in the market’
Marie Grundy, managing director of residential mortgages and second charges at West One Loans, said: “Our fast-track legal service is unique in the market and helps us take the stress out of the remortgage process for borrowers. By making this service free, we’re removing barriers, reducing costs and significantly speeding up completion times for an even greater number of borrowers.
“With our streamlined approach, many customers can now complete their remortgage the day after receiving their offer, giving them faster access to the funds they need. This goes to highlight our commitment to better serving our broker partners and their customers.”
Savannah Banks-Gould, senior executive mortgage and protection adviser at LionHart Mortgages and Protection, said: “West One’s streamlining of typically lengthy legal procedures is great news for our clients. With remortgages on the rise, slow turnaround times often leave borrowers stuck on their SVR. Initiatives like this create better outcomes and allow mortgage advisers like us to offer an improved service.
“By instructing solicitors at the point of application and utilising West One’s in-house underwriting team, it’s no surprise they completed cases in an average of nine days last year. In a market where conveyancing times are increasing, bold ideas like this are key to better results for everyone.”
David Hughes, mortgage adviser at The Mortgage Exchange Ltd, also commented: “This is a broker’s dream. No fees with speedy completion times and no hidden costs further down the line unless additional legal work is required.
“West One truly delivers on its promise of a free-of-charge remortgage, unlike other lenders who impose hidden fees for disbursements to unsecured creditors. Its service removes the need for borrowers to complete lengthy questionnaires or engage with solicitors making this a seamless process.”
He added: “While other lenders may take two to three weeks to finalise, West One completes the process in an average of nine days, a time frame that I expect will significantly shorten with this new fast-track service being rolled out more widely, especially with the advantage of offering next-day completions wherever possible.”
Last month, the lender launched buy to let (BTL) in Scotland.
