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Shawbrook Bank who specialise on Buy to Let, Commercial, Semi-commercial and Bridging products have opened up criteria and improved products in light of the recent changes to Stamp duty.
Shawbrook anticipate the commercial market is likely to attract increased demand from investors looking to spread their risk across different types of property investment rather than focusing on purely residential.
Sales and Marketing Director for Shawbrook Commercial, KarenBennett said: “These changes form a key part of our ongoing commitment to service delivery and product improvements, with a great deal of research and thought informing our decision making. It’s been a challenging yet rewarding period for all Shawbrook teams, with these enhancements to commercial and semi-commercial following recent updates to our short term criteria.
We hope that our Broker Partners recognise the benefits to their clients that these updates will provide. With rates dropping and increased LTV brackets across the entire semi-commercial range, Shawbrook is pushing positive customer outcomes to the fore whilst clarifying our lending appetite to brokers.”
The changes for loans up to £10 million include are rate reductions, increasing Loan to Value and extending their interest only offering.
Shawbrook has also open up its offerings to expat clients, who can borrow against commercial assets providing they meet the Bank’s existing expat criteria.
Reduced interest rates across both commercial and semi-commercial product range:
• ≤60% LTV – 0.15% reduction
• 60.01 – 65% LTV – 0.2% reduction
• 65.01 – 75% LTV – 0.65% reduction
• ≤65% LTV – 0.3% reduction
• 65.01 – 70% LTV – 0.2% reduction
Increased Loan to Value across both the commercial and semi-commercial product range:
• large commercial up to 70% LTV from 65% LTV
• up to 75% LTV from 70% LTV (where demand and sales market is strong)
Improved interest only options for both commercial and semi-commercial product range:
• commercial interest only available up to 75% LTV from 70% LTV
• large commercial interest only available up to 75% LTV from 70% LTV
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