Shawbrook has announced that it has made changes to its BTL product range and criteria across all LTV bandings. Rates have been reduced by up to 0.49% and criteria amended to improve the specialist lender’s BTL offering.
The bank has introduced two new products to their range - buy-to-let and HMO loans under £100,000, which the lender says can provide greater financing options for property investors who may not require a large amount of funds to complete a purchase.
Shawbrook has also published its full BTL criteria guide to improve the transparency of its offering. Other criteria improvements include 3 to 30 year terms, an existing customer discount on the arrangement fee of 0.25% across all BTL products including large loans and a simplified commission rate across the BTL offering.
After listening to feedback from their broker partners, Shawbrook has also reduced the size of their product guide by 75%, retiring several product ranges and combining others under easy to comprehend brackets. This streamlined product guide will allow intermediaries to have a better understanding of the full BTL range so that they are in the best possible position to help their clients.
Emma Cox, sales director – property division at Shawbrook Bank says:
“With the many changes to the BTL market over the past few years, Shawbrook saw a great opportunity to continue to improve on our offering to better support customers seeking specialist buy to let solutions. We wanted to make our product range as transparent as possible to our brokers and we believe that this is a huge step in the right direction.”