Mortgages  

Shawbrook adds to residential investment offerings

Shawbrook adds to residential investment offerings

The recently listed Shawbrook Bank has made changes to its residential investment offerings with the promise to improve its service level agreements for the application journey.

Building on the demand for its residential security product, the lender has introduced two products to bolster its offerings in that space.

Karen Bennett, sales and marketing director for commercial mortgages, said: “The RI0 product for simple residential security was so well received by our broker partners in 2015, we saw a great opportunity to grow this part of the offering.

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“We hope to provide brokers with more momentum using complementary and competitively priced products that allow a more targeted approach.”

RI0.1 replaces R10, and caters for single residential assets - it is priced from 2.99 per cent over 3 month Libor.

RI0.2 targets small HMO business and sits at 3.49 per cent over Libor and RI0.3 is dedicated to multi-let units with rates from 2.99 per cent above 3 month Libor.

The products carry a maximum interest-only period of 30 years.

The challenger bank has also committed to a shorter application in principle turnaround, aiming to get a decision within 48 hours.

Shawbrook also saw its pre-tax profits jump by 68 per cent in the first nine months of last year, to £54.5m, driven in the main by an increase in lending to smaller businesses.

Shawbrook listed on the London stock market in April 2015.

In October, it appointed former Santander director Steve Pateman as chief executive.