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MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Shawbrook Bank has announced that it is cutting the number of buy-to-Let (BTL) deals that it offers down to three products. This follows the bank’s move from 10 BTL products down to seven in November 2019.
The three products now available are Single BTL, Complex BTL and Larger HMO (House of Multiple Occupancy). The Single BTL is suitable for property investors looking to borrow a maximum of £750,000. Those who need to borrow more than this sum, as well as those with a multiple property portfolio or small HMO, will be directed to the Complex BTL mortgage product. Finally, there is a dedicated BTL mortgage product for those who need to buy or refinance a property with seven or more tenants.
Shawbrook Bank has also adjusted its interest rates for these products, which now start at 3.25%.
In addition to the above, Shawbrook Bank has introduced a new online BTL application form to improve the experience for mortgage brokers.
The online form will pull through information that has already been provided by the broker during the initial stages, removing the need to re-key this data when progressing the case. With constant interruptions being commonplace in the busy day-to-day of a typical broker, an autosave feature has also been built in so the user can come back at a later stage without any progress being lost.
Once completed, the broker will receive a PDF copy of the application for their records making for a much-improved experience.
Emma Cox, sales director of the Property Division at Shawbrook Bank, commented: “After hearing the positive feedback around our refresh late last year, we immediately looked to take another step towards further improving the broker and customer experience with Shawbrook.
“It’s crucial to ensure complete clarity for the broker community when it comes to one’s products, and we feel this simplification really ticks that box to make us even easier to do business with.
“With a digital application form now available to our brokers that has received glowing feedback so far, I’m delighted with the positive start we have made to 2020.”
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
