The bank Shawbrook has completed a buy to let remortgage for a new customer in just 37 working hours.
The landlord was seeking £85,000 to refinance a BTL property in Stockton-on-Tees, County Durham.
Unicorn Commercial Finance submitted the case on behalf of the customer; Shawbrook’s portal provided automated credit checks and an automated valuation so a formal mortgage offer could be issued four working hours later, confirming the loan on a 10-year interest only term, fixed for five years.
The full application was submitted on a Wednesday evening with completion taking place the following Tuesday.
Som Emadi, director at Unicorn Commercial Finance, comments: “37 working hours from application to completion for a BTL is outstanding, particularly for a new to bank customer. Shawbrook continue to demonstrate that leveraging technology to enhance the lending process in key areas with a great underwriting team is a winning combination. I look forward to continue working closely with Dylan and the team to deliver brilliant outcomes for my clients.”
And Dylan Bleasdale, regional development manager at Shawbrook, adds: “This case is a prime example that the remortgage process doesn’t have to be long and stressful.”
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Big deal! I wouldnt take a buy to let mortgage if it was issued in 1 hour and 0% these days!
If only that was possible with residential.
Wish the whole buying and selling process could be made much quicker and simpler.
Big surprise, I dealt with Shawbrook recently and they kept failing to do things or to request information they wanted then asked why it wasn’t supplied. Worst bank I have ever dealt with
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