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16 March 2017

The Bank’s Commercial Mortgages team has overhauled its Short Term offering…

Shawbrook Commercial Mortgages today announces the latest in its “Spring Fling” series of pricing initiatives – substantial rate reductions on all Short Term products, as well as simplifying the range with three standard LTV buckets.

This follows hot on the heels of the Bank announcing a 0.25% reduction to arrangement fees for all new applications in March, as well as significantly reduced pricing on the Commercial and Semi-Commercial product range. This is the third initiative announced so far, with further savings for brokers’ clients to be revealed before the end of the month.

These changes to Shawbrook’s Short Term range are live as of today and offer a number of benefits for brokers’ clients, including the following cost-savings on the rate offered:

• (STL1) Residential – reductions of up to 1.68% over 12 months
• (STL2) Semi-Commercial – reductions of up to 0.24% over 12 months
• (STL3) Commercial – reductions of up to 0.48% over 12 month

For light refurbishment:

• (STL4) Residential – reductions of up to 0.96% over 12 months
• (STL5) Semi-Commercial – reductions of up to 0.48% over 12 months

For heavy refurbishment:

• (STL6) Single Residential – reductions of up to 1.44% over 12 months
• (STL7) Multi-units and HMOs – reductions of up to 1.56% over 12 months
• (STL8) Semi-Commercial – reductions of up to 0.72% over 12 months
• (STL9) Commercial – reductions of up to 0.72% over 12 months

In an effort to streamline its Short Term product set, Shawbrook has also standardised their LTV buckets with the same three options across the range: up to 50% LTV, 50.01 - 65% LTV and 65.01 - 75% LTV (max 70% LTV for STL3, 8 and 9). After listening to their panel of Broker Partners, the Commercial Mortgages team recognised the clear benefits of this approach, resulting in a streamlined product set that offers increased consistency throughout the application process.
 
Shawbrook’s “Spring Fling” campaign is the latest in a series of improvements which the Bank’s Commercial Mortgages team has announced over the last six months. This includes the introduction of a HMO Hybrid valuation option in January, providing cost and time savings for brokers’ clients throughout the valuation process. Back in December of 2016, Shawbrook also revealed sweeping price cuts across its range, with both Specialist BTL and Commercial products being reduced.

Sales Director of Shawbrook Commercial Mortgages, Emma Cox adds:

“We are thrilled to announce the latest initiative in our Spring Fling series today, this time enhancing our award-winning Short Term and Bridging range.
 
“Our appetite for lending in this space is undiminished, with a strong desire to provide pragmatic Short Term solutions for our brokers’ clients. These products are more keenly priced than ever before whilst the simplification of our LTV buckets ensures maximum clarity for our intermediary partners – vital in cutting through the noise of a competitive lending environment. I would remind brokers that the Spring Fling will continue until the end of March and that there are further client-focused initiatives on the horizon.”