West One Loans has today made its fast-track legal service available free of charge to remortgage customers, saving significant time and money for its brokers and their borrowers.
Designed to dramatically speed up completion timescales, this service completes the legal work by the time the offer is issued and offers the option of next day completions in many instances.
During 2024, West One completed remortgage cases using this service, on average, within 9 days of the offer being issued to brokers.
The fast-track service is available on loans of up to £750,000 for remortgages and capital raising mortgages on unencumbered properties in England, Wales and Scotland.
The lender allows loans of up to 90% for capital raising remortgages (including debt consolidation). For debt consolidation remortgages, West One will discharge the 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 the borrower to have any legal representation during the remortgage process, unless it is identified that independent legal advice is required.
The specialist lender also facilitates AVMs for remortgages as well as mortgages on unencumbered properties. These initiatives also accelerate processing times, and are applicable to loans of up to £300,000, with a maximum LTV of 70%, for properties valued at £1 million or less.
West One's remortgage products begin at 5.89% and are accessible to borrowers without the requirement for a credit score assessment.
Marie Grundy, Managing Director of Residential Mortgages and Second Charges at West One Loans, comments: “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 & Protection Adviser at LionHart Mortgages & Protection, comments: “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 comments: “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.
“While other lenders may take two to three weeks to finalise, West One completes the process in an average of nine days, a timeframe 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.”
