BM Solutions has launched free standard conveyancing for remortgages to cope with an expected spike in demand.
The buy-to-let lender, which is part of Lloyd’s Banking Group, has extended its solicitor panel so cases can be handled seamlessly and customers choosing free conveyancing do not experience a drop in service levels.
BM Solutions already offers free standard valuation and £250 cashback on remortgages.
Phil Rickards, head of BM Solutions, said: “We are committed to supporting the market during this time of further change and free conveyancing will help drive down the up-front cost of remortgaging for customers.
“By using an experienced panel of solicitors brokers can be confident their customers will receive the same top notch service for their conveyancing as they do from BM Solutions. It is also important that we continue to offer choice through our popular cashback products.”
The move comes ahead of the biggest mortgage maturity period in five years, with data from CACI showing £35bn-worth of mortgages are due to mature in September and October.
Conveyancing service provider LMS recently revealed there had been a 12 per cent surge in remortgage transaction volumes between June and July.
Beckie Pepperrell, head of residential mortgages at Kent-based Mortgages for Business said: “Reducing the outlay for borrowers is always to be welcomed. In my experience, free convenyancing can mean that borrowers potentially have less influence over how long the process takes.
“However, I'm sure that BM Solutions will keep an eye on service levels so that turnaround times do not get unnecessarily extended. I guess that's where having a proactive broker comes in handy - they tend to prod the conveyancer on the customer's behalf. We actually track processing times from all buy-to-let lenders so we can manage our client's expectations.”
simon.allin@ft.com
