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Shawbrook tightens stress rate and lending criteria

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  • 06/11/2017
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Shawbrook tightens stress rate and lending criteria
Shawbrook Bank has tightened its lending criteria on both first and second charge mortgages.

The lender has made several changes to its practices including a tougher stress rate and loan-to-income (LTI) criteria.

Mortgage Solutions understands that Shawbrook will no longer accept Agreed Notice cases – it had been one of the few lenders to do so.

The changes are:

  • Implementation of a 3% stress rate to both the first mortgage and second charge payments
  • Shawbrook One and Shawbrook Two have been removed from its product offering
  • No longer accepting Agreed Notice cases
  • No longer considering referrals where the LTI is over six times

Shawbrook declined to comment about the changes being made.

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Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions. He also has experience in the protection, pensions, workplace benefits and HR areas. Owain has won two Headline Money Awards and the Protection Review's Journalist of the Year award.

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