Shawbrook has changed its bridging and short-term mortgage criteria so its previously variable products will have a fixed rate for the duration of the term.
The change will apply to new terms and will not affect people who already have variable terms.
Karen Bennett, managing director, commercial mortgages, said: “We feel that by offering a fixed rate it allows the customer to have a clear picture of their financial commitments at the end of the term when these are rolled up and retained.
“This is standard practice within the bridging market, bringing us more in-line with our peer group, and when coupled with the compelling nature of our short-term product offering ensures Shawbrook is even better placed to deliver the right outcome for the client.
“This change comes following feedback from our broker partners along with market analysis by the short-term lending team and I am delighted to be able to bring this to market.”