The digital solution allows BTL customers who are nearing the end of their mortgage term to submit a product switch application, reducing the processing time to 48 hours.
Shawbrook’s panel of professional broker partners can now submit applications on behalf of their clients within 10 minutes.
By delivering a more efficient product-switch process and improved service to the customer, the online system allows the bank to assist its brokers’ retention activity, while supporting them with the same commissions.
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Emma Cox, sales director at Shawbrook’s property division, commented: “Opening this system up to allow our broker partners to proactively switch on behalf of their clients has been on our radar for some time.
“It forms part of a wider strategy to build out the technology that supports our distribution, using smart systems to do the heavy lifting, but keeping our expert teams very much involved where necessary.
“We are a relationship business and achieving the right balance between people and technology is something we are very much focused on moving forward.”