Shawbrook Bank has made a number of pricing and criteria changes to its Residential Refurbishment (RR) range.
This follows the recent introduction of the new RI0 range for Residential Investment.
Pricing has been reduced on Residential Refurbishment RR1 & RR2 by between 0.20% and 0.35%. Brokers may also bring a 10 year option with 10% capital repaid to their clients, and the Bank has removed the DSCR linked to term to bring this in line with the RI0 range at 125% for RR1, and 135% for RR2.
In addition, Shawbrook has shifted its guidelines around the historic restriction of 15% where works are to be completed to a higher specification across the project, allowing landlords and investors more options when looking to complete refurbishment works of a higher quality.
Much like the new RI0 products, these changes will sit within a reduced SLA framework of 48 hours.
Karen Bennett, sales and marketing director, commercial mortgages, said: “It is testament to the hard work of the Shawbrook teams and the close relationship we have with our Broker Partners that we have been able to take on board feedback, and deliver such a significant series of improvements to elements of the residential product suite in January.
“In such a fast paced market it is imperative to keep improving, keep being transparent, and keep encouraging feedback – both positive and negative – so that we are able to make changes that help deliver good outcomes for the borrower, and help us stay at the forefront of a highly competitive space.
“This latest series of enhancements reflect that appetite and I am pleased to confirm that we have more of the same planned for Q1.”