Throughout September the lender saw a broad improvement in turnaround times, which is notable given the larger volume of post items worked compared to August: 4,605 compared to 4,067.
Just under 90 percent (88.7%) of short-term loans were processed within four hours, while the number processed within 72 hours stood at 97.7%.
In September, the short-term loan team within Pure Law demonstrated improved performance with an additional 22% of cases turned around within the 10-day period (now accounting for over a third (32%) of cases).
The term refinances continued to vary in speed depending on whether or not the client chose to waive solicitor representation – an offering now available for both individuals and limited companies on all refinances up to £1m. A noteworthy change since August is the elimination of all cases using the non-rep option taking longer than 91 days, with only five percent taking longer than 60 days. Almost two-thirds (65%) of non-representation instruction completed in 30 days, compared to less than a third (29%) with representation.
Karen Bennett, Sales & Marketing Director, Commercial Mortgages, Shawbrook Bank said:
“We value transparency highly and believe making these figures public helps brokers to see clearly how our processes are working. We’re pleased that we achieved the desired improvement in our figures over the last month, particularly given the additional 500 items of post the team processed in September, and we remain committed to improving our service offering further”.
