Three quarters of Shawbrook loans processed in 48 hours

Its August results reveal that the holiday period had minimal impact on Shawbrook’s service levels for its brokers, with Shawbrook still able to work a total of 4,067 items despite many of the team's solicitors, valuers and brokers on holiday over the month. 1,130 of these related to short term loans and 2,937 to term loans.

Standards were maintained in term loans with over three quarters (78.5%) processed in 48 hours and almost all (99.5%) processed within 72 hours. Of the short term loans, three quarters (75.7%) of applications were processed within four hours.

In August the short term loan team with Pure Law continued to maintain a high standard of service while focusing on further refinements to processes. Just under half (46%) of instructions completed within 30 days, with one tenth completing in 10 days or fewer.

The term refinances differed in speed depending on whether the client chose to waive solicitor representation or not. The non-representation option resulted in one fifth (20%) of instructions being completed within 10 days, compared to 4% with representation. Almost half (44%) of non-representation instruction completed in 30 days compared to over a third (37%) with representation.

Of the term purchases instructed, 2% completed within 10 days and over one fifth (23%) completed inside of 30.

Karen Bennett, Sales & Marketing Director, Commercial Mortgages, Shawbrook Bank said:

“Being honest and transparent with our brokers and clients is important to us and we’re proud that in a traditionally quiet month our SLA metrics show that we’ve been able to keep up our service standards. We’re looking forward to seeing September’s numbers when it will be back to business as usual.”