Shawbrook Commercial Mortgages has unveiled rate reductions on all short term products, as well as simplifying the range with three standard LTV buckets.
The changes represent the latest in its ‘Spring Fling’ series of pricing initiatives.
This follows the Bank announcing a 0.25 percentage point reduction to arrangement fees for all new applications in March, as well as reduced pricing on the commercial and semi-commercial product range. This is the third initiative announced so far, with further savings for brokers’ clients to be revealed before the end of the month.
Details are as follows:
- (STL1) Residential – reductions of up to 1.68 percentage points over 12 months
- (STL2) Semi-Commercial – reductions of up to 0.24 percentage points over 12 months
- (STL3) Commercial – reductions of up to 0.48 percentage points over 12 months
For light refurbishment:
- (STL4) Residential – reductions of up to 0.96 percentage points over 12 months
- (STL5) Semi-Commercial – reductions of up to 0.48 percentage points over 12 months
For heavy refurbishment:
- (STL6) Single Residential – reductions of up to 1.44 percentage points over 12 months
- (STL7) Multi-units and HMOs – reductions of up to 1.56 percentage points over 12 months
- (STL8) Semi-Commercial – reductions of up to 0.72 percentage points over 12 months
- (STL9) Commercial – reductions of up to 0.72 percentage points over 12 months
Shawbrook has also standardised its LTV buckets with the same three options across the range: up to 50% LTV, 50.01 – 65% LTV and 65.01 – 75% LTV (max 70% LTV for STL3, 8 and 9).
Emma Cox (pictured), sales director of Shawbrook Commercial Mortgages, said: “We are thrilled to announce the latest initiative in our Spring Fling series today, this time enhancing our award-winning short term and bridging range.
“Our appetite for lending in this space is undiminished, with a strong desire to provide pragmatic short term solutions for our brokers’ clients. These products are more keenly priced than ever before whilst the simplification of our LTV buckets ensures maximum clarity for our intermediary partners – vital in cutting through the noise of a competitive lending environment. I would remind brokers that the Spring Fling will continue until the end of March and that there are further client-focused initiatives on the horizon.”