Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has opened up its product switch platform to commercial investment customers to provide instant offers as part of its latest updates to the portal.
The platform, called MyShawbrook, was launched last year in a bid to streamline the switching process for existing buy-to-let customers; allowing them and their brokers to make applications at the end of their mortgage term.
Shawbrook revealed that this meant processing times reduced to 48 hours.
In addition to the digital solution becoming accessible to commercial investment customers, new developments also mean eligible customers will receive a formal mortgage offer instantly at the end of the application journey.
Shawbrook has also implemented e-signature, which allows customers to immediately sign and return their offer as part of a more efficient and streamlined product switch process.
Claire Rankin, commercial director for the Shawbrook Property Division said: “Our aim when we built this platform was to provide our customers with the easiest possible way to switch products with Shawbrook, so I’m delighted that these latest enhancements will make the journey even more efficient.
“Being able to provide an instant offer at the end of the application journey is a significant step forward, and will save our customers and broker partners valuable time and resource.
“This is just another example of how we can leverage technology to enhance the experience of our customers and brokers, and we have many more exciting plans in the pipeline that I look forward to sharing soon.”
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The news comes after Shawbrook recently announced a number of amendments to its lending criteria to be implemented with immediate effect.
The changes included the reintroduction of its heavy refurbishment products at up to 75 per cent loan-to-value (LVT), and a reinstatement of its pre-COVID-19 development exit criteria.