Shawbrook Bank is piloting two new mainstream buy-to-let products with three of its broker partners.
It anticipates a wider roll-out in the autumn.
The products will be piloted over a three month period with Commercial Processing Centre, The Buy to Let Business and 3MC – to ensure the systems are optimised and the products are competitive in the market, it says, before being rolled out more widely to Shawbrook’s Strategic Partners, brokers and introducers in the autumn.
The first residential investment product will offer investors loan sizes ranging from £75,000 to £250,000 with a maximum LTV of 75%. Terms are available on two or three years interest-only, with a 1% early repayment charge.
The second product uses the same criteria but offers greater loan sizes from £251,000 to £500,000 with a maximum LTV of 75%.
Stephen Johnson (pictured), managing director of commercial mortgages at Shawbrook Bank, said: “We’re really excited about our move into mainstream buy-to-let. Shawbrook will always be a specialist lender in the market, working on cases that require a human approach and pragmatic underwriting. But we also want to broaden our options for our brokers and their clients and see the mainstream buy-to-let offering as an ideal complement to our proposition.
“The new products have been developed in collaboration with our three pilot broker partners, and we will use the pilot phase to ensure the products are competitive and our systems are fully streamlined. We look forward to competing in the mainstream BTL market, offering the same quality and efficiency for which Shawbrook has become known in specialist buy-to-let and commercial lending.”