The second initiative is live as of today and focuses on Commercial products, with three key changes including significantly reduced pricing, the retiring of the Bank's LCI 1&2 products, and increased max loan size of £15m for CI1 and CI2.
The new Commercial rates are considerably lower, with brokers’ clients being passed on a reduction of up to 0.64% on CI1 (Commercial) and up to 0.54% on CI2 (Semi-Commercial).
With a further nod to driving transparency and efficiency across its lending range, the Bank has simplified its Commercial offering further. As of now, there are three simple LTV buckets across Commercial and Semi-Commercial products: up to 55% LTV, 55.01 - 65% LTV and 65.01 - 75% LTV.
To streamline the offering for brokers and their clients, Shawbrook has announced there will now be just two dedicated products for Commercial Investment: CI1 for Commercial and CI2 for Semi-Commercial. The Commercial Mortgages team took the decision to retire LCI1 and LCI2, with CI1 and CI2 both accepting loans up to £15m. The Bank’s E-AIP online application system, designed to provide a credit-backed IMO within 15 minutes for brokers, will still only be accessible for Commercial applications under £750k.
Managing Director of Shawbrook Commercial Mortgages, Karen Bennett comments:
“We realise that cutting through the noise and providing a transparent, no-nonsense approach to lending makes our Broker Partners' lives easier. We are confident that by streamlining our Commercial product range, both brokers and their clients will benefit from a product offering which is both innovative and easy to understand. When combined with the significant pricing reductions which are now live, this emphasises our strong appetite to lend to investors and landlords in the Commercial Mortgages space.
"We still have two more rounds of the “Spring Fling” to go and the Shawbrook teams are very excited about the positive customer outcomes these will provide for our brokers’ clients. I would advise our Broker Partners to keep a lookout for the next round of initiatives which will be on the way next week.
