Gavin Seaholme

Shawbrook updates criteria to include properties built from non-standard construction materials

Shawbrook Bank recently permanently adapted its lending criteria to include non-standard construction materials following a deal with Trafalgar Square Financial Planning Consultants.

The brokerage reached out to Shawbrook on behalf of an experienced client that was seeking a BTL loan for its two-bed detached bungalow that was built from structural insulated panels (SIPs), after it was turned down by two other lenders.

While the non-standard construction type fell outside of the bank’s criteria, the individual merits of the case and the property’s marketability were both considered. 

The new-build property is in a desirable commuter village and deemed highly energy efficient by the valuer.

Shawbrook offered the customer a £210,000 loan on a 11-year term, interest-only on a five-year fixed rate at 50% LTV.

Gavin Seaholme, head of sales at Shawbrook Bank (pictured above) said: “A case of this kind demonstrates Shawbrook’s specialist approach to lending and consideration of the bigger picture. 

“While this property, made using non-standard materials, technically fell outside of Shawbrook’s lending guidelines, we could see the clear opportunity. 

“As a result, we adapted our criteria to clarify our appetite for ‘greener’ construction methods.”

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