Shawbrook completes its first limited company remortgage with PEXA

Published on

Shawbrook has completed its first limited company remortgage in 28 business days using the digital conveyancing platform, PEXA.

The professional property investor, an existing customer, was seeking a £70k remortgage for their 11-property portfolio in Blackpool.

Clever Lending, the broker for the customer, utilised MyShawbrook — the bank’s application portal. This platform offers an instant indicative mortgage offer, coupled with automated valuation models (AVMs). By obtaining an AVM at the initial stage, both the broker and the customer gained confidence that valuation challenges wouldn’t arise later in the process.

Clever Lending submitted a fully packaged formal mortgage application, which contributed to the offer being issued five business days later for the £70k loan at 75% LTV, fixed for five years on a 25-year term.

As the first bank in the UK to utilise PEXA’s digital conveyancing platform, the customer benefitted from a quick and efficient remortgage, taking 28 business days from formal mortgage application to completion.

Steve Sanderson, commercial & bridging specialist at Clever Lending, said: “For professional property investors, additional admin and unexpected delays can be a frustrating part of the remortgage process. PEXA’s limited company functionality is an excellent addition to the Shawbrook offering as it reduces the time and effort required, providing a significant benefit to both brokers and our clients. It was a quick completion post-offer, so my client and I are delighted to get the remortgage done and dusted.”

Sarah Woolf, senior regional development manager at Shawbrook, added: “Using innovations, such as MyShawbrook and PEXA, for this limited company case shows that remortgaging doesn’t have to be a long and arduous process. When technology is used in the right way to enhance the lending process, great outcomes are possible for both brokers and their clients. 28 business days is a fantastic turnaround, particularly over a period of multiple bank holidays.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Market Harborough broadens tier two mortgage criteria to boost complex case lending

Market Harborough Building Society has introduced a series of criteria enhancements to its tier...

Coventry for intermediaries reduces rates across residential and buy-to-let ranges

Coventry for intermediaries has announced rate cuts of up to 19 basis points, with...

Halifax cuts remortgage rates across selected two and five-year fixed deals

Halifax Intermediaries has announced a series of rate cuts across its remortgage product range,...

The Leeds reports £104m profit amid robust lending and savings growth

Leeds Building Society has reported a profit before tax of £104.4 million for the...

Annual house price growth picks up as affordability improves

The UK housing market showed renewed resilience in July, with house prices rising by...

Latest publication

Latest opinions

Job cuts to inflation shock: preparing for a mortgage arrears crisis

The latest data on jobs paints a picture of a rapidly weakening labour market. The...

URGENT! AI Is coming for you. Or maybe not…

I’ll try to make this as straight to the point as I can. The...

Mind the gap: Can mortgage advice change the game for protection?

Many industry insiders still talk about the UK protection gap and how vast it...

Navigating HMO and MUFB complexity with confidence

Historically, larger Houses in Multiple Occupation (HMOs) and Multi-Unit Freehold Blocks (MUFBs) have often...

Other news

Market Harborough broadens tier two mortgage criteria to boost complex case lending

Market Harborough Building Society has introduced a series of criteria enhancements to its tier...

Coventry for intermediaries reduces rates across residential and buy-to-let ranges

Coventry for intermediaries has announced rate cuts of up to 19 basis points, with...

Halifax cuts remortgage rates across selected two and five-year fixed deals

Halifax Intermediaries has announced a series of rate cuts across its remortgage product range,...