Shawbrook has made a reduction in fees on its Residential Refurbishment (RR) business products.

Following broker feedback it has cut the arrangement fee on its residential refurbishment products for single properties and HMOs (RR1 and RR2) from 2.50% to 1.70%.

The new 1.70% fee is made up of 1.45% added to the loan outside the LTV.

Karen Bennett, sales and marketing director for commercial mortgages at Shawbrook Bank, said: “We believe this arrangement fee reduction will deliver value for those of our broker’s clients who are looking to buy a property to refurbish and hold.

“We’re pleased to be able to bring these changes to the market so early in 2015, but it is only the first in a series of enhancements planned for the year, which we are confident will keep Shawbrook at the forefront of the specialist lending market.”