Shawbrook Bank has unveiled a new buy-to-let product exclusively available via its recently launched digital portal, MyShawbrook Buy-to-Let.
In addition, the lender has reduced rates by up to 0.60 percentage points across its buy-to-let range on mortgages up to £1m.
The new ‘Non-Portfolio’ product is designed to complement the new system and support cases that will benefit most from the automation features of the technology. The product, with a rate of 3.69% and up to 75% LTV, is available to non-portfolio landlords with single dwelling applications, who must qualify for and proceed with an automated property valuation (AVM).
Shawbrook says it will provide a “competitive” rate for buy-to-let customers with straightforward requirements, allowing Shawbrook’s specialist underwriting team to focus on more complex cases.
The new portal, which launched last week, streamlines the entire buy-to-let application process for Shawbrook’s brokers and customers. Available for all types of cases, MyShawbrook Buy-to-Let offers “instant” indicative mortgage offers, including AVMs (where applicable) and integrates with third parties to provide quicker and more consistent credit decisions, the bank says.
Emma Cox (pictured), sales director at Shawbrook Bank, said: “This product has been designed to work in harmony with our new digital portal. Cases that meet the product’s eligibility criteria should sail through the new system with minimal manual intervention, freeing up our expert teams to concentrate on the more complex cases that make us specialists. In turn, this will improve the experience for all our buy-to-let customers.
“I hope this, coupled with more competitive rates across our offering, sends a clear signal of our continued support and commitment to the market.”
