Shawbrook’s Property division increases appetite following the easing of lockdown
The specialist bank has confirmed that they have returned to some of their pre-pandemic criteria.
Where some exited certain markets completely, Shawbrook were among several lenders who merely tightened their criteria as a result of the coronavirus crisis, and in March announced several changes to their Buy-to-Let, Commercial Investment, Bridging Finance and Second Charge products.
One of the key changes announced to their brokers this week, is the return of the Heavy Refurbishment products under their 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 re-introduced at a max LTV of 75%.
Shawbrook have also resumed their full eAIP service which means that their eAIP approvals no longer require manual confirmation.
Along with this they have removed additional assessments that were temporarily required for BTL & Bridging loans over 65%.
On their second charge mortgage range, the lender announced that they have increased the maximum LTV back up to 85% (previously capped at 75%) and have also reduced the minimum loan amount to £5,000 for LTVs between 75.01% and 85%.
Emma Cox, Sales Director at Shawbrook comments;
“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.”