Changes apply to products for portfolio buy-to-let (BTL) landlords and those borrowing against houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
Its five-year fix for BTL up to 55% loan to value (LTV) with a 3% fee has been cut from 5.05% to 4.9% and the five-year fix for MUFB properties with a 2% fee up to 65% LTV has been reduced from 5.8% to 5.65%.
YBS Commercial’s semi-commercial product with a 2% fee up to 65% LTV has been lowered from 6.1% to 5.95%.
Angela Norman, managing director of YBS Commercial Mortgages, said: “These reductions across our five-year fixed range demonstrate our ongoing commitment to supporting brokers and customers with better choice and value across a wide range of product options.”
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Colenko drops residential bridging rates
Colenko has lowered lending rates for residential bridging products, now starting from 0.71% per calendar month.
It also lowered rates across finance for refurbishment and ground-up developments.
These changes follow Shawbrook Bank and Renaissance Asset Finance agreeing to increase Colenko’s wholesale funding facilities, which it said reflected strong support from funding partners in response to its performance, scalability and tech-enabled underwriting.
Colenko has recently invested in its artificial intelligence-assisted underwriting and workflow automation to improve efficiencies.
This has helped the lender to streamline operations and make faster decisions.
It said this was being passed on to borrowers through more competitive pricing.
Liam McGall, director of speciality finance at Shawbrook Bank, said: “We’ve been impressed by Colenko’s practical and focused use of AI to solve real operational challenges within specialist lending, while continuing to maintain strong underwriting standards and credit discipline.”
