Shawbrook Commercial cuts rates and simplifies LTV

by: Heather Greig-Smith
  • 13/12/2016
  • 0
Shawbrook Commercial cuts rates and simplifies LTV
Shawbrook Commercial is to slash rates across its buy-to-let and commercial ranges.

The specialist lender will reduce rates by up to 1.06% on commercial products and up to 0.96% on specialist buy-to-let products from Monday 19 December.

It will also simplify its loan-to-value (LTV) structure, introducing three consistent tiers across all products.

At the same time the bank is revising affordability criteria, in line with the Prudential Regulation Authority’s supervisory statement SS13/16, as it introduces separate coverage ratios for individual and corporate borrowers.

Brokers on Shawbrook’s panel have until Friday 16 December to submit applications under existing criteria.

Karen Bennett (pictured), managing director of Shawbrook Commercial Mortgages, said: “The extensive price reductions soon to be live across our specialist buy-to-let and commercial product sets are a practical example of dedication to good customer outcomes, and part of the latest in a long line of improvements we have made in 2016.”

She added: “We are confident that these rate reductions provide a timely boost to brokers and their clients and, whilst the buy-to-let market faces headwinds in 2017, we look forward to continuing to support our partners with a considered and sustainable lending approach.”

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