Shawbrook Commercial Mortgages today announces that it has implemented the necessary changes to its systems and processes ahead of the 30th September deadline.
This is the date at which the PRA will introduce the final tranche of their changes to underwriting standards for buy-to-let mortgages (SS13/16). The changes will require lenders to ensure they have a fuller picture of the borrower, and a complete understanding of their position with regard to their investment portfolio.
Along with some of its contemporaries Shawbrook has acted early, setting out their stall to brokers on the key issues and how the PRA changes may impact their clients.
Shawbrook has a produced a Guideline Document for its brokers, introducers and their client base which spells out the relevant internal changes at Shawbrook, as well as how portfolio borrowers (with four or more mortgages properties) may be affected in the future. In response to a call for more education on this area, Shawbrook has also planned a webinar series to help the broker and investor market with the forthcoming transition.
Karen Bennett, Managing Director for Shawbrook Commercial adds:
“It's important to note that whilst the changes are likely to have little impact on Shawbrook or our brokers, we do recognise the need to support the wider market further. That’s why we’re planning further educational content over the coming weeks. A senior member of our Credit team will be on hand (via a webinar series) to talk through the changes step-by-step, explaining what the impact will be both for brokers and their clients.
“The pace of regulatory change we have seen in the past year highlights the need for brokers to build strong relationships with specialists, and we look forward to supporting brokers as they shepherd their clients through this next phase in the PRA’s new underwriting standards.”