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Shawbrook opens up interest-only lending to 75% LTV

  • 27/11/2012
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Shawbrook opens up interest-only lending to 75% LTV
Shawbrook Bank has increased its loan-to-value ratio on interest-only mortgages to 75%, following feedback from mortgage brokers.

The lender, which launched into the market in October 2011, has opened up its residential property deals for commercial landlords to 75% LTV, with its semi-commercial proposition increased to 70%.

It currently offers commercial loans on buy-to-let, short-term bridges, refurbishment, commercial and mixed use investment and trading businesses.

Shawbrook has also withdrawn the 0.25% loading on its 10-year interest-only products. It said that the changes were as a result of feedback from brokers and will come into force on Monday 3 December.

Karen Bennett, head of commercial mortgage sales at Shawbrook Bank, said: “We are very responsive to our brokers and intermediaries, and the latest changes to our interest-only product range come as a result of their feedback.

“Brokers lie at the heart of Shawbrook’s business, so we take the time to listen to their views on our products and service. This doesn’t just happen via the occasional feedback form.

“We’ve invested in excellent regional development managers supported by a highly experienced internal sales team who work closely with brokers – not only to help shape deals but also to listen to their input and guidance.

“Shawbrook has ambitious growth plans for 2013 and beyond, and we will continue to work closely with our brokers to ensure we are offering products and processes which really work for them.”

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