The products have been developed to ensure Shawbrook can also meet the needs of brokers whose cases suit the simple and fast process offered by a BTL system. This new initiative complements Shawbrook’s core proposition which remains firmly committed to the pragmatic, loan-by-loan underwriting that is necessary for specialist BTL, commercial lending and short term loans.
The introduction of Shawbrook’s new BTL products also means a broader offer for clients looking to switch to a term loan after using Shawbrook for short term finance – a key part of the bank’s commitment to building long term relationships with brokers and their property investor clients.
The products will be piloted over a three month period with three broker partners – Commercial Processing Centre, The Buy to Let Business and 3MC – to ensure the systems are optimised and the products are competitive in the market, before being rolled out more widely to Shawbrook’s Strategic Partners, brokers and introducers in the autumn.
Product details:
- BTL 1 residential investment product will offer investors loan sizes ranging from £75k to £250k with a maximum LTV of 75%
- Terms are available on 2 or 3 years interest only, with a 1% early repayment charge
- BTL 2 residential investment product uses the same criteria but offers greater loan sizes from £251k to £500k with a maximum LTV of 75%
Stephen Johnson, Managing Director of Commercial Mortgages, Shawbrook Bank, said:
“We’re really excited about our move into mainstream BTL. Shawbrook will always be a specialist lender in the market, working on cases that require a human approach and pragmatic underwriting. But we also want to broaden our options for our brokers and their clients and see the mainstream BTL offering as an ideal complement to our proposition.
“The new products have been developed in collaboration with our three pilot broker partners, and we will use the pilot phase to ensure the products are competitive and our systems are fully streamlined. We look forward to competing in the mainstream BTL market, offering the same quality and efficiency for which Shawbrook has become known in specialist BTL and commercial lending.”
