After testing the facility since April, Shawbrook Bank is now offering all clients and brokers the possibility to switch products for those whose loans "reach four months from maturity."
After the loans reach four months, the bank will provide information to the client and the Shawbrook-accredited broker regarding the switch offer. Following this, the broker will be updated with emails if their client decides to take up the product switch.
This means the process will be quicker for the clients and the brokers due to their existing relationship with the lender.
It must be noted that all the usual credit verifications will be carried out during the switching, where the procedure will not be automatic.
The bank issued a statement saying all their clients and brokers will be notified of the new offering.
Karen Bennett, Sales and Marketing Director, Commercial Mortgages, Shawbrook Bank, said: "For loans below £750,000, existing customers will be eligible for a discount of 0.25 per cent from the interest rate margin.”
Brokers' commissions will be paid as for regular loans, a spokesperson confirmed for B&C.
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