Shawbrook Commercial’s new reduced rates now live
20 December 2016
The specialist lender cuts pricing for both Specialist BTL and Commercial products
After announcing planned rate reductions and new DSCR requirements last week, Shawbrook’s Commercial Mortgages team has confirmed that these changes are now live. The business has worked hard to both clearly communicate the changes to affordability assessment and to present to its intermediary partners a well-defined approach that should support accurate assessment at the outset of an application.
With regard to the sweeping rate reductions on Specialist BTL as well as Commercial product sets, some key highlights include:
- Specialist BTL: reductions of up to 0.96% on its Residential Investment products, 0.41% on its “RI0” range for Simple Residential Investment, and 0.47% on Large Residential Investments over £750k
- Commercial: reductions of up to 1.06% on Commercial Investment products and 1.01% on Large Commercial Investments over £750k
Shawbrook has also introduced three standardised LTV tiers, simplifying their ranges to be as transparent as possible for brokers as well as their clients. These changes conclude a year in which it launched its RI0 range and invested heavily into technology, by introducing its “E-AIP” digital application service which provides a hard credit-backed IMO for brokers within 15 minutes. The Bank also introduced its first ever Graduate Scheme over the summer to help train the next generation of talent within the mortgages industry.
Karen Bennett, Managing Director of Shawbrook Commercial Mortgages had the following to say on Shawbrook’s latest announcement:
“A week on from announcing these rate reductions to our Broker Partners and the wider intermediary community, we are delighted that our partners’ clients are now able to access the new product range.
“The wider changes in affordability are quite involved and we were keen to provide early notice of the changes as they effect the Shawbrook proposition. Transparency for our brokers and their clients is something we take very seriously, which is why we have worked hard to provide as much clarity as we could on our criteria, recognising how important this is for intermediaries when considering the right outcome for the customer.”
