Investec Private Bank has announced that it now accepts adequate search indemnity insurance on residential properties in a move that will speed up the process for high net worth remortgages.
Search indemnity insurance may now be accepted on both primary residential and buy-to-let remortgages with no limit to the value of properties that can be covered.
Peter Izard, business development manager at Investec Private Bank, said: "In uncertain times such as these, the ability to move quickly is critical, particularly for HNW clients.
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."
Investec Private Bank specialises in mortgages for of high net worth (HNW) individuals, with a particularly strong focus on financial professionals, entrepreneurs, international and professional clients whose income can often be complex, including foreign currency.
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