This initiative aims to significantly reduce lending times for new property purchases up to a maximum value of £1.5 million with a loan-to-value (LTV) ratio of up to 60%. The new title insurance will also apply to any refinance application, irrespective of the loan amount or LTV.
Under the partnership, the legal process for qualifying applications will be streamlined, involving significantly fewer questions. Allica Bank anticipates that applications could reach completion within weeks after the legal process is initiated.
The announcement follows Allica Bank’s 2023 annual results released in April, which highlighted that the bank had lent over £2 billion to established SMEs since its inception and achieved its first full-year profit.
Allica Bank’s Senior Operations Manager for Commercial Mortgages Adam Preston said, “We’re delighted to introduce Westcor’s Perfect Title insurance into our commercial mortgage proposition. This is going to have huge benefits for clients and our brokers enhancing both the speed and certainly of the transaction.
“Westcor International has developed an innovative and very relevant product for the commercial mortgage market. Working with Christopher Taylor, Josh Dennis, and the Westcor team over the past few months has been a truly collaborative process, and we are delighted to get this change live for brokers and their clients. We’re also very grateful to our broker panel for their feedback and input to help us get this right.”
Christopher Taylor, Corporate Development Director at Westcor International, said, “We know how important speed, clarity and mortgage security are to Allica Bank. That’s why we’ve worked together to introduce our Perfect Title insurance policy into the bank’s product line ensuring that these elements remain at the core of their proposition, allowing Allica Bank to accelerate mortgage completions, whilst improving the borrower experience.
“It’s a fantastic opportunity to play a part in enhancing Allica Bank’s award-winning proposition with our market-leading title insurance product, and we look forward to growing our partnership together.”
