West One Loans has completed a remortgage case in four days, up to 14-times faster than the estimated industry average completion time for remortgage applications.
The borrowers used West One’s fast track remortgage service, which was designed to significantly speed up completion timescales for remortgage customers.
On average, borrowers who used this service in 2024 have completed just 13 days following the mortgage offer being issued.
The service was launched in direct response to feedback from brokers, who complained of being frustrated with significant completion delays in the conveyancing process, often associated with free legal services.
West One’s fast track legal service is provided by on-site conveyancers using title insurance to speed up the process.
Legal work starts upon receipt of the application, which is a significant departure from the traditional conveyancing process where legal work usually only starts once the offer has been issued.
Marie Grundy, 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 this particular remortgage case, 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.”
