The product transfers allow customers to renew their fixed rate on their BTL or commercial mortgage when there is no additional borrowing or term extensions are needed.
The product transfer process has four steps and allows brokers and professional property investor clients to choose a fixed rate with no underwriting required.
The launch of its product transfer comes after the lender brought out its Switch & Fix deal, which came out last year.
The Switch & Fix includes a range of two-, three-, five- and 10-year fixed rates and lower rates for its existing BTL customers, with loans ranging from £40,000 to £1m.
Daryl Norkett, director of real estate proposition at Shawbrook, said: “The success of Switch & Fix has been key to the launch of product transfers in demonstrating the strong demand from our brokers and customers for fixed rate options. We’ve been able to develop the platform to enable brokers and customers to choose a new fixed rate product on the existing mortgage, removing the underwriting requirements of refinancing to a new loan.
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“The introduction of this offering for both buy-to-let and commercial mortgages is another step towards simplifying the experience for brokers and their professional investor clients, so we can provide the best possible service and a broad range of product choices.”
Claire Rankin, director, specialist lending, real estate at Shawbrook, added: “With our new product transfer offering, we’re able to provide a process familiar to the residential and buy-to-let market but with the enhanced and unique capability to extend this to our commercial mortgages as well.
“This provides an unrivalled customer experience – and it’s just the beginning. We have some fantastic enhancements scheduled for later this year that will continue to elevate our offering for existing customers.”
Last week, the firm announced its loan book was up 16% YOY to £15.2bn.
