The title insurer will target ‘switching’ – or remortgaging – borrowers looking for cheaper rates on their mortgage deals.
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L&E said it planned to reduce the cost of conveyancing by between 30 and 50 per cent, by introducing a more streamlined model in the Irish market. It aims to reduce completion times from the current several weeks to 10 days and reduce the average cost charged under the traditional model of solicitors from 1,800 euros to 950 euros.
The firm is in the process of appointing a panel of solicitors across Ireland and is rolling out its products to key brokers and lenders in the market. It plans to begin accepting business in the next six to eight weeks.
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The move follows anticipated changes in the Irish market, such as interest rate rises, deceleration in loan growth and expected growth in switching and specialist sectors. Currently, the mortgage switching market in Ireland is estimated to be worth over 6 billion euros a year and now accounts for 16 per cent of the total mortgage market by volume. The specialist sector is also expected to grow by 50 per cent in 2007.
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Christopher Taylor, chief executive officer at L&E, said: “We have a lot to offer to all parties in the Irish market by enhancing the current processes and removing the pitfalls in the marketplace.”
