Shawbrook’s property division has confirmed that it has returned to some of its pre-pandemic criteria.
Shawbrook was among several lenders who tightened criteria as a result of the coronavirus crisis rather than withdrawing completely and in March announced several changes to its buy-to-let, commercial investment, bridging finance and second charge products.
One of the key changes today is the return of the heavy refurbishment products under its bridging finance range, which had been temporarily removed as a result of the impact on the construction industry and supply chains. These products have now been reintroduced at a maximum LTV of 75%.
Shawbrook has also resumed its full eAIP service which means that eAIP approvals no longer require manual confirmation. in addition, the lender has removed additional assessments which were temporarily required for buy-to-let and bridging loans over 65%.
On its second charge mortgage range, Shawbrook has increased the maximum LTV back up to 85% (previously capped at 75%) and also reduced the minimum loan amount to £5,000 for LTVs between 75.01% and 85%.
Emma Cox (pictured), sales director at Shawbrook, said: “The impact of the pandemic on the market was felt widely across the lending landscape, leading some to withdraw from the market altogether, and others to tighten their belts. I am pleased that Shawbrook fell into the latter category, only making temporary adjustments to ensure we could continue to support our brokers as much as possible throughout this challenging time.
“Whilst we are not in a position to return all of our criteria to pre-Covid levels, we are delighted with the steps we have taken to ensure we can support more of our customers and create a better journey for our broker partners. Reintroducing our Heavy Refurb products, increasing our max LTV on our second charge range, and resuming our full e-AIP service are all such positive changes and I hope will be welcomed by our broker community.”
