Shawbrook slashes residential refurbishment product fees

Shawbrook Bank has revealed that it has lowered its fees on its Residential Refurbishment (RR) business products, following its commitment to improve its product range.

After listening to broker feedback, Shawbrook has reduced its arrangement fee on its residential refurbishment products for single properties and HMOs (RR1 and RR2) from 2.50 per cent to 1.70 per cent. The new 1.70 per cent fee is made up of 1.45 per cent added to the loan outside the LTV.
 
Commenting on the slashed fees, Karen Bennett, Sales and Marketing Director, Commercial Mortgages, Shawbrook Bank said: “We believe this arrangement fee reduction will deliver value for those of our broker’s clients who are looking to buy a property to refurbish and hold.

“We’re pleased to be able to bring these changes to the market so early in 2015, but it is only the first in a series of enhancements planned for the year, which we are confident will keep Shawbrook at the forefront of the specialist lending market.”