"No longer should customers expect to wait weeks on end for an offer to come through and get lost in numerous forms and paperwork."
The process will make instant integrated valuations and credit-backed heads of terms available to brokers at any time, as well as the ability to instruct solicitors during the AIP stage.
The portal will also offer brokers a maximum loan calculator which will be more detailed than a traditional pass or fail decision. Brokers will now be able to understand the exact figure Shawbrook are able to lend to their client, even in cases where this is less or more than the original loan requested, based on real-time valuations.
Integration with third parties including Experian, Companies House, Hometrack, Whenfresh and CLS will reduce the need for additional data input and reduces the need for unnecessary documentation for customers to sign and brokers to process.
Shawbrook's bridging rates starting from 0.40% per month with no early repayment charges, Shawbrook also offer up to 85% LTV for eligible refurbishment loans.
Claire Rankin, director of strategy and digital transformation at Shawbrook Bank, commented: “We’re proud to unveil the next stage of our digital product journey with MyShawbrook Bridging, following the successful launch of MyShawbrook Buy-to-Let last year. This development is another way to showcase the investment Shawbrook is making in tech and our aim to make the offer process as smooth and straightforward as possible for customers and broker partners.
“We are committed to advancing our technology in order to make a real difference to our clients, as well as applying our market expertise with complex cases. We’ve shown in the past year with MyShawbrook Buy-to-Let the difference that technology can make to the mortgage market, it has allowed us to provide a frictionless journey to customers in a way that suits them. No longer should customers expect to wait weeks on end for an offer to come through and get lost in numerous forms and paperwork. Making the process digital from the outset is just one way Shawbrook is bringing the mortgage market into the modern day.”