The most significant rate cuts apply to regulated transactions, which start from 0.5% for loans up to 50% LTV, 0.6% for 50.01-60% LTV, and 0.7% for 60.01-70% LTV, on a maximum term of 12 months.

However, many unregulated rates have also been reduced.

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The bank now offers:

• 0.5-0.75% for up to 75% LTV for residential bridging and light refurbishment
• 0.6-0.85% for up to 75% LTV for semi-commercial bridging and light refurbishment
• 0.8-1% for up to 70% LTV for commercial bridging and light refurbishment
• 0.6- 0.85% for up to 75% LTV for residential heavy refurbishment
• 0.9-1.1% for up to 70% LTV for commercial and semi-commercial heavy refurbishment

LTV bands have been standardised across the bridging range.

Darrell Walker, head of product development and proposition at Shawbrook Bank (pictured above), said: “We’re delighted to bring these positive changes to market and show our continued appetite to support brokers across the specialist arena. 

“Having remained open for business throughout the Covid-19 pandemic, we head towards 2021 with buoyancy and confidence. 

“The bridging market demands experienced underwriting, understanding of individual needs, and a willingness to get things done, and I’m delighted to say that we tick all three boxes.”

According to Darrell, Shawbrook is set to announce “more exciting news” in the future.

Brokers are encouraged to contact their regional development manager for more information.