Since initial publication, Shawbrook has clarified that brokers will now be paid “up to 1.75 per cent” commission on all buy-to-let cases completed with it.
The lender did not explain what the conditions were for the varying levels of broker commission or what the range was.
It previously offered a range of commission levels depending on the type of loan, but it has also not shared these rates with Specialist Lending Solutions.
The lender has also retired or merged several product ranges and made other criteria changes to its offering across all loan to value (LTV) bandings.
Among the changes, Shawbrook closed its products for simple buy to let and simple multi-unit for a maximum of four units, but will now lend on them under the same product as single units at the same price.
It has also introduced a smaller loans range for deals up to £100,000, cut rates by up to 0.49 per cent and introduced a discount for existing customers.
Streamlined product range
The lender said that after listening to feedback from brokers it had reduced the size of its product guide by 75 per cent, retiring several product ranges and combining others “under easy to comprehend brackets”.
“This streamlined product guide will allow intermediaries to have a better understanding of the full BTL range so that they are in the best possible position to help their clients,” it said.
Other criteria changes include three- to 30-year terms, an existing customer discount on the arrangement fee of 0.25 per cent across all BTL products including large loans.
Shawbrook property division sales director Emma Cox (pictured) said it was making the overhaul after all the changes to the BTL market over the past few years.
“We wanted to make our product range as transparent as possible to our brokers and we believe that this is a huge step in the right direction,” she said.