Shawbrook amends criteria
And the bank has issued a list of first mortgage lenders it will not sit behind at any LTV which includes Accord, Aldermore and Paragon.
Maeve Ward, head of sales of secured lending at Shawbrook, said: “At Shawbrook we regularly review our lending criteria to ensure the loans we offer best meet our customers’ needs at a risk level that’s appropriate for us.
“At the end of last year we updated the loan to value Shawbrook offers on selected first mortgage lenders but we continue to look at each case on an individual basis and will still consider higher LTV cases on a referral basis.”
Ward added that Shawbrook takes a responsible approach to lending and as part of this it takes time to understand each application before making a decision.