Shawbrook pilots mainstream buy-to-let range
Shawbrook has introduced two mainstream buy-to-let mortgages up to 75% loan to value to be piloted through Commercial Processing Centre, The Buy to Let Business and 3MC for the next three months.
One product will cater for loans between £75,000 and £250,000 while the other offers loans up to £500,000 both available over two or three years interest only with rates starting at 3.59%.
"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."
Both products come with flat fees and have no minimum income requirements with the option to remortgaging within six months if refurbishments can be validated by a valuer.
Ying Tan, managing director of The Buy to Let Business, said: "We are delighted to be working with Shawbrook on this exciting new initiative. Shawbrook are an innovative and forward thinking bank which has shown commitment to this sector.
"We look forward to helping to develop this product during the pilot before it is released to the wider market."
Johnson added that the pilot phase would ensure the products are competitive and its systems are fully streamlined.
The introduction of Shawbrook's buy-to-let products means a broader offer for clients looking to switch to a term loan after using Shawbrook for short term finance.
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