Relaxed processing requirements such as the reduction of the minimum property valuation to £110k and the increase of the maximum number of properties in the portfolio to six have also taken effect.
Maeve Ward, head of sales at Shawbrook, said: “The relationships we have with our broker partners are pivotal to our success and we take their feedback incredibly seriously. We are therefore thrilled to be able to put their feedback into practice by making their suggested changes to our buy-to-let product in terms of increasing LTVs and added flexibility in terms of our processing procedures.”
Ward said she believes secured lending will become increasingly popular with Shawbrook’s property developer clients who seek a viable alternative to remortgaging.
The changes were introduced to its buy-to-let product based on feedback from brokers who have seen an uplift in demand from property developer customers looking for a ways to release equity from existing their portfolio and avoid remortgaging.