Shawbrook Bank launches into mainstream buy-to-let
Shawbrook Bank is piloting two new mainstream buy-to-let products with three partner firms before a full launch into the sector in the autumn.
The first product offers loan sizes ranging from £75,000 to £250,000 with a maximum loan-to-value of 75 per cent. Terms are available on two or three-years interest-only, with a 1 per cent early repayment charge.
The second product uses the same criteria but loan sizes range from £251,000 to £500,000.
Rates start at 3.59 per cent over Libor, although this could change during the pilot phase and may well change before the products are rolled out in the autumn.
The products are being piloted over a three month period with three broker partners – Commercial Processing Centre, The Buy to Let Business and 3MC.
Shawbrook Bank managing director of commercial mortgages Stephen Johnson says: “We’re really excited about our move into mainstream BTL. Shawbrook will always be a specialist lender in the market, working on cases that require a human approach and pragmatic underwriting. But we also want to broaden our options for our brokers and their clients and see the mainstream BTL offering as an ideal complement to our proposition.”