Shawbrook Bank cuts bridging rates

Cuts have been made across regulated and unregulated loans, but the biggest price drops apply to regulated transactions, the lender said.

Heavy refurbishment on buy to let and semi-commercial properties up to 75 per cent loan to value (LTV) are among the deals to benefit from cuts.

At the same time, Shawbrook has standardised LTV bands. The lender signaled an appetite to support the bridging market moving into 2021, in particular customers looking to take advantage of the stamp duty holiday.

Darrell Walker, head of product development and proposition (pictured), said: “We’re delighted to bring these positive changes to market and show our continued appetite to support brokers across the specialist arena.

“Having remained open for business throughout the Covid-19 pandemic, we head towards 2021 with buoyancy and confidence. The bridging market demands experienced underwriting, understanding of individual needs and a willingness to get things done, and I’m delighted to say that we tick all three boxes.”