Shawbrook Bank’s commercial mortgages division has reduced pricing across its Large Loan product offering by 0.50 percentage points.
The lender has also retired its product for mixed use commercial assets (LCI3), leaving two products for large commercial investments covering commercial and semi-commercial security (LCI1 & 2).
The offering is as follows:
LRI1 (single dwelling), LRI3 (portfolios)
- Now 3.70% up to 65% LTV (reduction of 0.50%)
- Now 3.90% up to 75% LTV (reduction of 0.50%)
LRI2 (HMOs/ Student lets)
- Now 3.80% up to 65% LTV (reduction of 0.50%)
- Now 3.99% up to 75% LTV (reduction of 0.51%)
LCI1 (Commercial)
- Now 5.85% up to 65% LTV (reduction of 0.50%)
LCI2 (Semi-commercial)
- Now 4.80% up to 65% LTV (reduction of 0.50%)
- Now 4.95% up to 70% LTV (reduction of 0.50%)
Karen Bennett, sales and marketing director for commercial mortgages, said: “The maturity of our Large Loan proposition led to the desire to increase our competitive edge on pricing and allow brokers to offer even more for their clients.
“During the assessment process it became clear that the best option was to remove the mixed portfolio Large Loan product (LCI3), as our brokers expressed a clear preference to transact solely across either residential or commercial assets.
“We are constantly reviewing our offering to see where we can make improvements and I am delighted that we have been able to make this reduction.
“When coupled with our on-going commitment to service, I am confident that this product initiative will be well received by the market and look forward to its impact.”