Shawbrook to impact market with new product
By Tom WrightShawbrook Bank has announced improvements to its Residential Investment (RI) products, along with the creation of a brand new product…
Shawbrook Bank has announced improvements to its Residential Investment (RI) products, along with the creation of a brand new product...
The bank has also refined its RI1 product to include a range of different properties, including multi-units, leasehold flats and newly built flats.
The new product, named RI0, is designed for residential properties intended for private let and is priced at 3.79% on LTVs up to 60% and 4.10% at 75% LTV.
RI0 is aimed at investors with available deposits and a rental income which services their debts.
Karen Bennett, Sales and Marketing Director of Commercial Mortgages at Shawbrook Bank, said: “We are aware that ours is an ever-changing industry, and we’re always looking to improve to support our broker partners and allow customers to benefit from healthy competition.”
“A commitment to providing clarity across our credit appetite was one of the driving reasons for the new product, and we are confident that the rate reductions will ensure the range remains highly competitive.
“We are very excited about the new RI0 product, which we hope will prove valuable to investors looking for simple residential investment property.
“We look forward to the impact this will have on market growth.”
The bank has also adjusted its pricing to provide a more tailored approach for expat business, incorporating a price loading with +0.25% for expat business on the new RI0 product.
Keywords: Shawbrook, bank, LTV, rent, mortgages, RI0