Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has provided formal mortgage offers in less than three hours, working with Watts Commercial Finance. Two customers received the offers using the new digital portal, MyShawbrook buy-to-let.
The digital platform offers instant indicative mortgage offers (IMOs), including automatic valuations models (AVMs) where applicable. This allows the bank to provider faster, consistent and reliable credit decisions. It streamlines applications by integrating with third parties, which reduces the need for additional documents and data input.
Both of these cases qualified for the new, ‘Non-Portfolio’ product on MyShawbrook which is offered at up to 75% LTV, with a rate of 3.69%, for non-portfolio landlords with single dwelling applications, who must qualify for and proceed with an AVM.
The cases received instant indicative mortgage offers, then successful automatic AVMs. The formal offers were issued within three hours upon receipt of the full applications. Following this, both signed and returned within fifteen minutes using Shawbrook’s e-Signature technology.
Emma Cox, sales director of the property finance division at Shawbrook Bank, said: “These cases demonstrate exactly the type of effortless and efficient journey we’re aiming for, and there will be plenty more examples of this over the coming weeks and months.
“We’ve made significant enhancements to our Buy-to-Let offering with the introduction of a slick new portal and a complementary new product, so I am delighted to see our customers and brokers benefiting in this way already, and we have some more exciting improvements to announce soon.”
Emma Ross, commercial manager at Watts Commercial, added: “Formal offers within hours are timescales that are practically unheard of, so to receive not just one, but two is fantastic.
“Shawbrook’s new portal has made the application process so smooth and efficient, and if we receive a fast and easy experience, so do our clients, which is what we as brokers aim for.”
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Earlier this month, Shawbrook launched a new leadership programme, Empower Her, with Saracens Foundation, the charitable arm of Saracens. This new initiative, for young women in North London and Hertfordshire, is aiming to inspire the next generation of female leaders.