Mortgage News
Shawbrook streamlines fees and removes switch costs for commercial mortgages
Shawbrook Bank has restructured its costing model for refinance business for mortgage advisers as well as removing all switching costs for deals with broker partners.
The commercial team has removed switching costs to replace them with a flat rate fee of £895 for all loan sizes and products.
Shawbrook has also dropped its 0.95% implementation charge for customers switching to another product with the bank at the end of their term.
Karen Bennett, sales and marketing director of commercial mortgages at Shawbrook Bank, (pictured) said: “This change is part of a focus on customer outcomes that we are determined to embed within the culture at Shawbrook. These changes and the ongoing improvement of our proposition is evidence of the Bank’s commitment to achieving this goal.
“Naturally, we expect that these fee changes will be warmly welcomed by our brokers and their clients, with the re-structure resulting in potentially significant savings.”
Shawbrook’s interim management statement out today showed strong growth from the commercial mortgage, asset finance, secured and consumer divisions to the 30 September.
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Underlying profit before taxation grown by 68% year-on-year, which the firm said was driven by increased originations and continued operational leverage.