Shawbrook Bank has made changes to its Residential Investment range, including new products and a commitment to improved service level agreements (SLAs).
Following the launch of RI0 for simple residential security in 2015, the lender has introduced two new products to bolster this area of the business. RI0.1 replaces its predecessor (‘RI0’), and caters for single residential assets – it is priced from 2.99% over 3 month LIBOR. RI0.2 targets small HMO business and sits at 3.49% over LIBOR. Finally, RI0.3 is dedicated to Multi-let units with rates from 2.99% above 3 month LIBOR.
These products carry a maximum interest only period of 30 years, which is a particularly attractive element of the extended Residential Investment offering for the broker market.
Shawbrook has also committed to a shorter Application in Principle (AIP) turnaround, with a focus on getting a decision back to the broker within 48hrs.
Karen Bennett, sales and marketing director for commercial mortgages at Shawbrook, said: “The original ‘RI0’ product for simple residential security was so well received by our broker Partners in 2015, we saw a great opportunity to grow this part of the offering. We hope to provide brokers with more momentum using complementary & competitively priced products that allow a more targeted approach.
“Our teams are committed to delivering on the new SLAs for the new RI0 range, and our transparent approach to this will continue as we firmly believe that shining a light on our own performance is the only way to improve.”