LMS updates remortgage service

LMS launched its remodelled packager-based remortgage service at Jerez last week.

The revamped remortgage service is designed to be cheaper and faster, with data collation taking place at the front of the remortgage process with automation used wherever possible.

Dominic Toller, director of marketing and new business at LMS, says: “Traditionally, remortgages are done in the same way as purchase mortgages – it’s inefficient. What LMS has done is stripped the remortgage process back to basics and then built it back up.

“What we can now do in seconds would previously have taken days if not weeks.”

There is a 195 fee for remortgages up to 200,000 and packagers can decide whether they want to offer this as cashback on products and then market deals as fees-free remortgages. Alternatively they can pass the cost onto clients.”

Jeff Knight, director of marketing at GMAC-RFC, says he welcomes steps to improve turnaround times.

He says: “Speed and certainty are the two big drivers for consumers and brokers in purchase and remortgage cases. Technology is helping in this regard.”