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Bristol & West axes remortgage searches

Bristol & West is to insure borrowers against the need for local searches when they remortgage their property in a move which could save clients up to £200.

Local searches are usually carried out by solicitors and the process can take anything up to two months to complete and cost the borrower between £140 and £200.

But B&W says the pro cess of reassessing an area which is already covered under the original mortgage agreement is pointless in most cases.

B&W has taken out insurance to cover compensation costs.

Group product manager lending Dominic Toller says: “While we, like many other lenders, have offered this facility on our range of fee-saver mortgages, we believe we are the first to introduce local search ind emnity insurance on all remortgages. It is good for brokers as it could speed up remortgaging time considerably and it is a great deal for customers as it will make the process smoo ther and cheaper.”

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