Kent Reliance has launched a fees-assisted remortgage range for residential and standard buy-to-let applications.
The specialist lender will refund the standard valuation fee within 30 days of the successful completion of a remortgage for a property up to the value of £500,000, whether it is mortgaged or unencumbered.
Clients will also benefit from a fees-assisted legal service from Optima Legal, which will deal with the standard legal requirements of remortgages.
August was the second-busiest month in 2017 for remortgaging, according to conveyancing service provider LMS, with record numbers opting for a five-year fix.
Adrian Moloney, sales director for OneSavings Bank, said: “We are thrilled to be working with Optima Legal.
"Following a rigorous selection process, Optima’s high standards of service and innovative use of technology to provide an excellent customer experience made them a natural choice.
“This partnership marks another conscious step towards helping brokers to reduce costs and complete remortgages more quickly for their clients.”
Free legals have come in for criticism in the past, with brokers complaining that firms were taking too long to process cases and leaving customers stuck on more expensive standard variable rates.
But Christine Newell, partner at West Midlands-based Paradigm Mortgage Services, welcomed the move from Kent Reliance.
She said: “There have been a lot of horror stories about free legals in the past, and they can put fear into brokers and clients, but Optima have been coping well with the influx of stuff in free legals and offering a good service.
“I certainly think it is going to help and will be a good addition for remortgaging at the moment, which is high up the agenda for everyone.
“Solicitors are getting their houses in order and lenders are working better at managing those relationships as well. It is certainly going to be welcome.”
simon.allin@ft.com
