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.
Underlying profit before taxation grown by 68% year-on-year, which the firm said was driven by increased originations and continued operational leverage.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
