Shawbrook, Paragon and TML update offerings

Shawbrook Bank, Paragon Bank and The Mortgage Lender (TML) have improved their specialist finance product ranges.

Shawbrook Bank

Shawbrook Bank has launched its E-signature technology for bridging, commercial and BTL investment customers. 

The online verification service allows borrowers to immediately e-sign and return their formal offer in order to streamline their journey to completion and avoid any delays.

This comes ahead of the full launch of Shawbrook’s new BTL platform, which streamlines the entire application process for brokers and can provide a formal mortgage offer in a matter of days.

Claire Rankin, director of strategy and digital transformation at Shawbrook, said: “E-Signatures is one in a long line of digital enhancements that Shawbrook will introduce this year. 

“As our lives start to get busier again, being able to access and sign documents from anywhere and at any time makes applying for a mortgage a more straightforward process. 

“As well as simplifying the customer journey, it will also make our broker’s lives easier — by freeing up time spent coordinating these small but time-consuming tasks, they can focus on supporting more clients.”

Joseph Aston, national sales manager at Vantage Finance, commented: “Shawbrook’s commitment to investing in their processes is second to none, constantly having the borrower experience at the forefront of every process-based decision. 

“The use of E-signature for future deals will make the journey quicker and more efficient for intermediaries and customers alike.” 

Paragon Bank

Paragon Bank has expanded its energy efficient-focused range with two new further advance products for properties with EPC ratings of A, B or C.

The products are suitable for landlords who have four or more mortgaged BTL properties and are looking for additional funding for lettings businesses they manage as individuals, limited companies or limited liability partnerships.

All products have no product or application fee and are offered with a free valuation.

They are available at 75% LTV on HMOs, MUBs or SSCs in England and Wales.

For HMOs and MUBs, rates are fixed at 3.50% for two years and 3.75% over five years. 

For SSCs, rates start at 3.35% on two-year fixes, rising to 3.70% when borrowed over a five-year term.

The two-year fixed-rate products incur early redemption charges of 3%, while the five-year fixed-rate products are 5% for years one and two, 4% for years three and four and 3% for year five.

Moray Hulme, director of mortgage sales at Paragon Bank, said: “We are committed to encouraging our landlords to invest in energy efficient properties, thereby increasing the proportion of A-C rated properties in the PRS.

“In March, we launched products with market leading rates to incentivise the purchase or remortgage of properties with an EPC rating of A to C. 

“We had a fantastic response to these and wanted to build on this to offer more choice for landlords who wish to improve the sustainability of their lettings businesses.”

The Mortgage Lender

TML has introduced a five-year fixed HMO BTL rate and Lumi-branded products for limited companies, individual and HMO/MUB applicants, with semi-exclusive distribution through selected mortgage clubs and networks.

The five-year fixed HMO BTL product is available at a rate of 3.8%, with a reduction in the completion fee to 1.5% for remortgage or purchase.

The new Lumi BTL range offers no application fee and a free valuation.

Clients can also choose between free standard legals for remortgages or £500 cashback for remortgage and purchase.

The five-year fixed-rate product for individual and limited company borrowers is available at 75% LTV and 3.89% interest rate, while the five-year fixed-rate offering for HMO/MUFB clients offers a rate of 3.99%.

Lumi products also offer a reduced completion fee of 1.25% for limited companies and individual applicants and 1.75% for HMO/MUB applicants. 

“Increased choice in the specialist BTL sector is driving better deals for customers,” said Steve Griffiths, sales and product director at TML.

“Whether landlords are looking to raise capital to increase the size of their portfolios or for a competitive deal, we’ve got the rates, criteria and customer service to help them achieve their goals.”

Bob Hunt, chief executive at Paradigm Mortgage Services, commented: “We know from Paradigm members that their landlord clients continue to seek out the strongest yields, which is leading them to increasingly look at HMO and MUB properties. 

“These exclusive products will support the work of our member firms who are active in the BTL space, particularly as we anticipate more landlord activity in the months ahead.”

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