Shawbrook has introduced rate reductions and new debt service coverage ratio requirements.
In the lender's specialist buy-to-let range, there have been reductions of up to 0.96 per cent on its residential investment products, 0.41 per cent on its RI0 range for simple residential investment, and 0.47 per cent on large residential investments of more than £750,000.
With regards to commercial borrowing, there have been reductions of up to 1.06 per cent on commercial investment products and 1.01 per cent on large commercial investments of more than £750,000.
Karen Bennett, managing director of Shawbrook Commercial Mortgages, said: “A week on from announcing these rate reductions to our broker partners and the wider intermediary community, we are delighted that our partners’ clients are now able to access the new product range.
“The wider changes in affordability are quite involved and we were keen to provide early notice of the changes as they effect the Shawbrook proposition.
“Transparency for our brokers and their clients is something we take very seriously, which is why we have worked hard to provide as much clarity as we could on our criteria, recognising how important this is for intermediaries when considering the right outcome for the customer.”
Shawbrook has also introduced three standardised loan-to-value (LTV) tiers, simplifying its ranges.
A year ago Shawbrook launched its RI0 range and invested in technology by introducing its E-AIP digital application service which provides a hard credit-backed IMO for brokers within 15 minutes.
The bank also introduced its first ever graduate scheme over the summer to help train the next generation of talent within the mortgages industry.
damian.fantato@ft.com
