The bank, which specialises in mortgages for HNW individuals, revealed that search indemnity insurance may now be accepted on both primary residence and buy to let remortgages with no limit to the value of properties that can be covered. A first for Investec, this will allow HNW clients to benefit from expedited remortgages.
Peter Izard, Business Development Manager at Investec Private Bank, commented: “In uncertain times such as these, the ability to move quickly is critical, particularly for HNW clients. However, we know that some London boroughs and other councils throughout the UK are taking considerable time to reply to search requests and this can really delay the time it takes to complete a remortgage.
“Search indemnity insurance is commonly used by high street banks on vanilla cases as a way of expediting the process, but it’s uncommon in the private banking space because of the high value of properties and the complexity this can cause. That is, until now, because at Investec Private Bank, we have recognised the demand from HNW clients for faster remortgages and we can now make use of a no search indemnity policy rather than waiting for the usual suite of searches, to make the process as quick and easy as possible.”
