The express instant funds service, provided by London & European, guarantees a three-day completion, subject to certain criteria and fee being paid by the client to the intermediary. The standard process takes an average of seven days from offer to completion.
Alan Cleary, managing director of edeus, said the service has regularly provided a five-day application-to-completion turnaround on remortgages and added: “This is the first opportunity London & European has had to demonstrate what its express service can really achieve.”
Rod Murdison, proprietor of Murdison & Browning, commented: “Anything that speeds things up is good. The faster a deal goes through, the better for the client. However, a broker would have to be very clear what documents the lender wanted upfront, so things aren’t held up. Yet, even if you started off saying it would take seven days to complete and it took twice as long, you would still be in a fantastic position.”
Graham Clark, head of client management at London & European, said: “The UK market is one of the world’s most competitive and lenders are increasingly looking to provide services that set them apart. The 24-hour remortgage completion demonstrates that a web-based panel management solution combined with comprehensive title insurance can help give a real competitive advantage.”
