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Bankhall online remortgage deal poised to slash completion times

Bankhall is setting up an online mortgage facility which sla-shes the time

IFAs take to perform complete remortgages.

The company predicts the transaction time will tumble from around four to

six weeks to within 10 days.

The service will be used by Bankhall members and members of its nursery

network Investment Strategies.

It will be administered by Bankhall mortgage subsidiary Independent

Mortgages Direct and financed by Scottish Widows Bank.

The service gives int-ermediaries access to an IMD website which offers a

remortgages assessment facility and allows an offer to be printed off

within five minutes.

The service currently offers one remortgage product from Scottish Widows

Bank but Bankhall anticipates adding a panel of lenders&#39 products in the

near future.

The Scottish Widows Bank loan offers daily interest calculations, a

fixed-rate option plus a 1.2 per cent discount for 12 months off the

current variable rate.

Loans are available up to 75 per cent of the current property valuation to

a maximum £250,000.

Independent Mortgages managing director Gordon Covell says: “Because the

facility dramatically speeds up the completion process, our members now

have significant advantage in the mortgage market.”

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