Application to Mortgage Offer within 48 Hours
Is speed the main motivator in one of your deals? If so, Shawbrook Bank may be the answer. This bank has recently provided a mortgage offer for another firm of advisers within 48 hours, so we put them to the test. Application to Mortgage Offer within 48 Hours – Is this Possible? We put them to the test to find out!
Their new Automated Valuation process allows for properties (subject to meeting certain criteria) Their new Automated Valuation process allows for properties (Automated Valuation Model) cutting out the need for a physical valuation. This not only saves on a valuation fee but can cut processing time by 2 weeks!
The main points to consider when deciding if a property will go through as an AVM are:
- Single unit residential properties only
- Maximum value £2m in London and the Southeast, £1m elsewhere
- No property above or adjoining commercial premises
- Flats in blocks up to 4 storeys
- No new build properties built within the last 24 months
Putting AVM to the test
If the case goes through as an AVM and you are happy with the valuation, the case will then go to offer when the outstanding requirements are satisfied, which can be as quick as 48 hours!
Putting Shawbrook to the test and using an example case I had last week; the application was submitted on Tuesday and the property went through on an AVM. The only requirements then were proof of ID and proof of address.
As there were very little requirements needed for this case, the formal mortgage offer was then issued on Friday morning. Not quite 48 hours, but still a very impressive process!
So yes, if speed is key, Shawbrook Bank are the answer!
Further improvements were made last week with the introduction of ‘DocuSign’ which allows an electronic signature on mortgage offer. This again cuts processing time by a few days as there is no need to sign and send the original documents in the post.
Another fantastic step forwards for the Bank!
To find out more about the benefits of using Shawbrook Bank’s new automated valuation process, please get in touch to see how we can help.
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Megan Parkin – Property Finance Adviser