Shawbrook Bank has increased the loan-to-value limit on its secured residential buy-to-let product to 70 per cent to aid property developers seeking finance.
The product provides property investors and developers with an option to raise capital against their residential buy-to-let portfolios.
As well as increasing the available LTV to 70 per cent, Shawbrook is also reducing the minimum property valuation to £110,000 and increasing the size of the portfolio to six properties.
This change comes in light of broker feedback, which has reported an uplift in demand from customers looking to release equity from their existing portfolios and avoid the need for remortgaging.
Shawbrook Bank head of sales Maeve Ward says: “We take our brokers’ feedback incredibly seriously. We are thrilled to be able to put their feedback into practice by making their suggested changes to our buy-to-let product in terms of increasing LTV and added flexibility in terms our processing requirements.”
Trinity Financial product and communications manager Aaron Strutt says: “Our landlord clients are always keen to release equity form their buy-to-let mortgages to purchase other properties so any lender that enables them to take out more money from their properties is always welcome.”