"These updates reflect feedback from our broker partners, and we're pleased to have responded promptly by providing them with more options and funding choices for their clients"
According to Shawbrook, the new products aim to meet the changing needs of landlords and property investors as the market evolves. Alongside the 3-year and popular 5-year fixed rate products, the 2-year and 10-year options provide alternative choices for landlords managing interest rate risk.
The new 2-year fixed rate will help to provide a shorter commitment option for investors seeking flexibility, with rates starting at 6.69% for Complex Buy-to-Let and 7.24% for Commercial. The new product is launched alongside improvements to how Shawbrook stress tests shorter-term fixed rates which allows for up to 20% increases in maximum loan sizes when compared to before.
Meanwhile, the new 10-year fixed rate will support investors seeking longer-term security for their investments, with rates starting at 6.39% for Complex Buy-to-Let, and 6.94% for Commercial.
Alongside the introduction of the new fixed rates, Shawbrook has also repriced some of its Buy-to-Let and Commercial Investment products and has made changes to its early repayment charges.
ERCs for BTL, Commercial, and Semi-Commercial mortgages will now be linked to the fixed rate term rather than the contractual loan term. This change offers more flexibility to landlords considering funding options.
These updates to Shawbrook's product line-up provide valuable tools for its broker partners to support their clients' goals. It also enables Shawbrook to respond swiftly to market and customer opportunities.
Daryl Norkett, Head of Real Estate Proposition at Shawbrook, commented on the changes: "We understand that property investors need options to suit their strategy and it was crucial for us to widen our range of mortgages to meet individual needs.
"These updates reflect feedback from our broker partners, and we're pleased to have responded promptly by providing them with more options and funding choices for their clients. We are continuously striving to deliver innovative solutions that support brokers and their professional landlord clients, especially during this rapidly evolving market.”