Shawbrook overhauls bridging payment structure

The bank said it has made the move in order to give customers a clear picture of their financial commitments at the end of the term, when payments are rolled up or retained.

The rate will be fixed at the level the bridging loan was offered and will remain unchanged for the duration of the term.

Any new offers will reflect the change along with all available online tools within the broker hub portal.

Karen Bennett (pictured), managing director, commercial mortgages, said: “This is standard practice within the bridging market, bringing us more in line with our peer group, and when coupled with the compelling nature of our short-term product offering ensures Shawbrook is even better placed to deliver the right outcome for the client.”

Bennett said the change was made as a result of feedback from intermediaries and market analysis.

Shawbrook recently underwent a change to its internal structure as it merged its commercial and secured loan lending divisions to create one property finance division.

Maeve Ward, formerly secured lending sales director, has been appointed to lead the division’s residential mortgage proposition.