Shawbrook Bank has made improvements to its newly launched non-portfolio product, making it available to customers with small HMO properties.
The bank said the changes mean more customers can benefit from the product which offers a fixed rate of 3.69% up to 75% loan-to-value (LTV).
Shawbrook has also changed its AVM criteria to cater for small HMO applications, aiming to offer a more cost effective valuation process to more customers.
The non-portfolio product is exclusively available via Shawbrook’s digital portal MyShawbrook Buy-to-Let which streamlines the application process for its brokers. It has been designed to support cases with simple requirements that benefit most from the automated features of the system.
In order to be eligible for the non-portfolio product, customers must be non-portfolio landlords only with single dwelling applications, including houses or flats in a block up to four storeys. The product is also available to first-time landlords.
Gavin Seaholme, head of sales at Shawbrook Bank, said: “We’ve seen some fantastic outcomes for customers who have made use of our non-portfolio product via our digital portal, with some cases going to offer in just three hours.
“Naturally, we want to make that experience possible for even more customers, which is why we have broadened the product criteria to cater for small HMO properties.”