Finance

Shawbrook Bank cuts BTL range down to just 3 products

Warren Lewis
|
22nd January 2020
To Let 556

Specialist lender, Shawbrook Bank, has announced that it has taken steps to improve its buy-to-let range and streamline the application process for their brokers and customers.

The lender revealed that it has simplified its BTL range from 10 to 7, but this now stands at a total of three simple products; Single BTL, Complex BTL, and Large HMO.

Single BTL has been designed with property investors looking to borrow under £750k in mind, whilst those looking to borrow more, or for portfolios and small HMOs, fitting into the Complex BTL product. The final product, Large HMO, will target those looking to purchase or refinance an HMO with 7 or more occupants.

Interest rates have been adjusted accordingly to the new products, which now start from just 3.25%.

Alongside this announcement, Shawbrook has also launched a brand new buy-to-let online application form. This is now available for all BTL and HMO applications that have received an Indicative Mortgage Offer and looks to help the application process be as quick and effortless as possible.

The online form will pull through the information that has already been provided by the broker during the initial stages, removing the need to re-key this data when progressing the case. With constant interruptions being commonplace in the busy day-to-day of a typical broker, an autosave feature has also been built in so the user can come back at a later stage without any progress being lost. Once completed, the broker will receive a PDF copy of the application for their records making for a much-improved experience.

Emma Cox, Sales Director – Property Division at Shawbrook Bank says, “After hearing the positive feedback around our refresh late last year, we immediately looked to take another step towards further improving the broker and customer experience with Shawbrook. It’s crucial to ensure complete clarity for the broker community when it comes to one’s products, and we feel this simplification really ticks that box to make us even easier to do business with.

With a digital application form now available to our brokers that have received glowing feedback so far, I’m delighted with the positive start we have made to 2020.”

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