Shawbrook has announced a revamp of its short-term lending range.
The bank has consolidated the range from nine products down to five products, with price reductions across the board of up to 0.26 percentage points per month.
STL1: Residential security requiring no work or a light refurbishment.
- Up to 75% LTV with rates from 0.43% pm
STL2: Semi-commercial security requiring no work or a light refurbishment
- Up to 75% LTV with rates from 0.75% pm
STL3: Commercial security requiring no work.
- Up to 70% LTV with rates from 0.83% pm
HR1: Residential security requiring heavy refurbishment
- Up to 75% LTV with rates from 0.60% pm
HR2: Semi-commercial and commercial security requiring heavy refurbishment
- Up to 70% LTV with rates from 0.83% pm
The Shawbrook Commercial team have also made improvements to criteria and will now look at applications for borrowers with no previous property experience, with commercial to commercial refurbishments and lending on vacant commercial property now also being considered.
Emma Cox, sales director of Shawbrook Commercial Mortgages, said: “These improvements have been a long time coming and I am delighted to be able to announce them to kick off the summer months. The short term lending (STL) range has always been a top performer for Shawbrook, and we are confident that these changes will really resonate with our Broker partners and their clients.”
“All the great benefits of the old range are still in place with 0.25% discount available for repeat borrowers and no minimum interest periods or ERCs. We are also pleased to continue to deliver for “bridge to let” investors, where the borrower looks to refinance the STL onto a mortgage with no arrangement fee.”
“The offerings’ innate flexibility has also been retained with the maximum 24 month term providing flexibility to borrowers and time to refinance or sell.”
“We have more product innovation to the Shawbrook short term offering coming over the summer, and I look forward to announcing these in due course.”