Shawbrook have introduced two new mainstream BTL products to complement its existing range of commercial and short term mortgages. This move into the more vanilla BTL market space shows their intent, in growing their market share and building upon their strengthening reputation.
With rates starting at 3.59% over 3 month LIBOR for 65% LTV and 3.99% over 3 month LIBOR for 75% LTV, the products come with flat fees. Flat fees were recently highlighted in our broker survey as being a key driver in what investors look for in a buy to let mortgage.
The product has no minimum income requirements, and Shawbrook will allow re-mortgaging within six months if refurbishments can be validated by a valuer.
Ying Tan, managing director of The Buy to Let Business, says:
“We are delighted to be working with Shawbrook on this exciting new initiative. Shawbrook are an innovative and forward thinking Bank who have shown commitment to this sector. We look forward to help develop this product during the pilot before it is released to the wider market”
Karen Bennett, Sales & Marketing Director Commercial Mortgages, Shawbrook Bank, says:
“We are delighted that Ying and his team are working so closely with us through this pilot, their knowledge and experience within the BTL sector is incredibly valuable and with this support we will be able to ensure we deliver an efficient online process that is competitively priced.”
