Shawbrook removes additional BTL and bridging assessments with criteria overhaul

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  • 03/08/2020
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Shawbrook removes additional BTL and bridging assessments with criteria overhaul
Shawbrook has overhauled its specialist lending criteria returning to pre-lockdown levels in many lending areas.

 

The bank said it was increasing its risk appetite following the easing of lockdown.

Among several changes, Shawbrook has removed additional assessments required for buy-to-let (BTL) and bridging loans over 65 per cent loan to value (LTV).

The BTL debt service coverage ratio (DSCR) has been reduced to 140 per cent for individual applicants.

Shawbrook has also re-introduced its heavy refurbishment products up to 75 per cent LTV.

Second charge lending, which had been capped at 75 per cent LTV has returned to a maximum LTV of 85 per cent, while the minimum loan amount for LTVs between 75.01 per cent and 85 per cent has been reduced to £5,000.

Shawbrook also resumed its full eAIP service with approvals no longer requiring underwriter confirmation and it has returned to pre-Covid criteria for development exits.

Sales director Emma Cox (pictured) said: “While we are not in a position to return all of our criteria to pre-Covid levels, we are delighted with the steps we have taken to ensure we can support more of our customers and create a better journey for our broker partners.

“Reintroducing our heavy refurb products, increasing our max LTV on our second charge range, and resuming our full e-AIP service are all such positive changes and I hope will be welcomed by our broker community.”

 

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