Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has launched a new BTL product. This will be exclusively available via MyShawbrook, their new digital portal.
The digital platform offers instant indicative mortgage offers, 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.
The new, ‘Non-Portfolio’ product 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 automated property valuation (AVM). Customers with straightforward requirements will benefit from the automation features of this new technology. In turn, Shawbrook’s specialist underwriting team will be able to focus on the more complex cases.
In addition, Shawbrook has reduced rates by up to 0.60% acoss its buy-to-let mortgage range up to £1m.
Emma Cox, sales director at Shawbrook Bank, said: “This product has been designed to work in harmony with our new digital portal. Cases that meet the product’s eligibility criteria should sail through the new system with minimal manual intervention, freeing up our expert teams to concentrate on the more complex cases that make us specialists. In turn, this will improve the experience for all our buy-to-let customers. I hope this, coupled with more competitive rates across our offering, sends a clear signal of our continued support and commitment to the market.”
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Shawbrook recently published its latest survey results, showing broker confidence in the UK lending environment.