Shawbrook Bank

Shawbrook adds bridging to digital application portal

Shawbrook Bank has extended its digital offering to cover unregulated bridging via MyShawbrook Bridging.

The new portal aims to streamline the entire bridging application process by making instant integrated valuations and credit-backed heads of terms available to brokers at any time, as well as offering the ability to instruct solicitors during the AIP stage.

The portal also offers a maximum loan calculator, allowing brokers to understand the exact figure the lender is able to provide to their clients even in cases where this is less or more than the original loan requested, based on real-time valuations.

MyShawbrook Bridging is integrated with third parties, such as Experian, Companies House, Hometrack, Whenfresh and CLS, in order to reduce the need for additional data input and for unnecessary documentation for customers to sign and brokers to process.

Ahead of the launch, Shawbrook has worked closely with key broker partners to pilot the technology and understand the strengths for both its brokers and underwriters.

The lender has already completed an 81% LTV unregulated bridging loan using MyShawbrook Bridging in order to fund an auction purchase — the case was submitted via the application portal by The Moneyhub, after which the lender was able to issue a mortgage offer within three working days.

The full process was completed within 12 days, meeting the client’s auction deadline.

Claire Rankin, director of strategy and digital transformation at Shawbrook Bank, said: “We’re proud to unveil the next stage of our digital product journey with MyShawbrook Bridging, following the successful launch of MyShawbrook BTL last year. 

“This development is another way to showcase the investment that Shawbrook is making in tech and our aim to make the offer process as smooth and straightforward as possible for customers and broker partners. 

“We are committed to advancing our technology in order to make a real difference to our clients, as well as applying our market expertise with complex cases. 

“We’ve shown in the past year with MyShawbrook BTL the difference that technology can make to the mortgage market; it has allowed us to provide a frictionless journey to customers in a way that suits them. 

“Making the process digital from the outset is just one way Shawbrook is bringing the mortgage market into the modern day.”

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