Shawbrook Bank has made changes to its newly launched Non-Portfolio product, making it available to customers with small HMO properties.
The product has a fixed rate of 3.69% and is available up to 75% LTV.
It comes as the lender also makes changes to its AVM criteria to cater for small HMO applications, which Shawbrook says offers a more efficient and cost effective valuation process to more customers.
The Non-Portfolio product is exclusively available via Shawbrook’s digital portal, MyShawbrook Buy-to-Let, which streamlines the application process for its brokers. It has been designed to support cases with simple requirements that benefit most from the automated features of the system.
Customers must meet the following criteria to be eligible for the Non-Portfolio product:
- Non-portfolio landlords only
- Single dwelling applications, including houses or flats in a block up to four storeys
- Small HMO applications (six households or less)
- Must qualify for and proceed with an AVM – removing valuation costs for the customer
- Also available to first-time landlords
Gavin Seaholme (pictured), head of sales at Shawbrook Bank, said: “We’ve seen some fantastic outcomes for customers who have made use of our Non-Portfolio product via our slick digital portal, with some cases going to offer in just three hours! Naturally, we want to make that experience possible for even more customers, which is why we have broadened the product criteria to cater for small HMO properties.
“As well as improvements to service, more customers can benefit from its competitive rate, as well as a free valuation via our enhanced AVM proposition – so it’s great news all round.”