Shawbrook Bank enhances buy-to-let range with new portfolio product
Shawbrook Bank has today introduced a new mid-range product to its Buy-to-Let offering, predominately aimed at supporting portfolio landlords owning simple property types.
Customers who meet the criteria will benefit from a reduced 5-year fixed rate of 4.09% up to 75% LTV.
This completes a full revamp of Shawbrook’s Buy-to-Let offering, which has followed the launch of its new digital portal, MyShawbrook Buy-to-Let.
The lender’s refreshed product range is designed to support the entire spectrum of the Buy-to-Let market – from the simple to the complex and everything in between.
- Non-Portfolio: Aimed at non-portfolio landlords with simple asset types who qualify and proceed with an AVM. It is designed to support straightforward cases, which benefit most from the automated features of MyShawbrook Buy-to-Let, including automated property valuations (AVMs).
- Portfolio: A mid-range product supporting individual or standalone SPV portfolio landlords with multiple simple assets (e.g. single dwellings or small HMOs). These customers will still benefit from the streamlined application process but are more complex and involve some manual underwriting. Properties must meet Shawbrook’s AVM criteria, and the AVM must be successful, but the customer can opt to proceed with a full valuation. If the AVM is unsuccessful, the case can proceed on Shawbrook’s Specialist product.
- Specialist: Supporting complex cases that require specialist underwriting capabilities. e.g. complex property (large HMOs, student blocks etc) or borrower types. Cases will still follow a slicker application journey, benefiting from features including automatic data input via integration with third parties such as Companies House.
Gavin Seaholme, Head of Sales at Shawbrook Bank, comments:
“We’ve gradually been enhancing our Buy-to-Let proposition to support the needs of the entire market.
Firstly, with revolutionary technology that improves the application experience for all, and now with products that are carefully designed to suit the requirements of different borrower types.
At Shawbrook we pride ourselves on striking the perfect balance of people and technology and now our products reflect that – offering the perfect blend of automation and specialist underwriting skills for each case, depending on its complexity.”