The bank’s commercial mortgage rates saw reductions of up to 0.64%, while loan-to-value requirements were streamlined and certain products in its commercial investment range were discontinued.
From now on, the lender will offer products across three loan-to-value (LTV) tiers: up to 55%, up to 65%, and up to 75%.
Rates on commercial products were cut 0.64% (to 4.40%) for 55% LTV, 0.49% (to 4.70%) for the 65% LTV tier and 0.25% (to 5.19%) for products of up to 75%.
The semi-commercial range was cut by 0.54% for the lowest LTV tier (to 4.10%), 0.44% for the mid-range (to 4.40%), and 0.30% for products with the highest LTV (to 4.74%).
On commercial investments the bank will offer just two dedicated products from now on: CI1 for commercial and CI2 for semi-commercial loans. At the same time the maximum loan size for these products increased to £15m.
The bank’s online application system E-AIP, designed to fast-track applications by providing credit-backed indicative mortgage offers, will remain accessible for commercial applications worth less than £750,000 only, however.
Commercial mortgages managing director Karen Bennett (pictured) said: “We realise that cutting through the noise and providing a transparent, no-nonsense approach to lending makes our broker partners’ lives easier.
“We are confident that by streamlining our commercial product range, both brokers and their clients will benefit from a product offering which is both innovative and easy to understand.”
With its Spring Fling initiative the bank wants to provide a range of pricing and efficiency savings throughout March.
Earlier this month it announced its first instalment, which included a 0.25% discount on the arrangement fee for all new applications in principle.
By way of example, an arrangement fee of 1% would be reduced to 0.75% with this offer.
“We still have two more rounds of the Spring Fling to go and the Shawbrook teams are very excited about the positive customer outcomes these will provide for our brokers’ clients,” Bennett said.