It also announces some criteria enhancements
Shawbrook has announced a number of changes on its semi-commercial and specialist buy-to-let (BTL) products for complex cases.
Specialist BTL loans between £150,000 and £1 million have been repriced, with rates as low as 6.29% now available. BTL loans worth over £1 million now have rates from 5.69%.
On the lender’s semi-commercial offering, rates on loans over £1 million have been repriced from as low as 6.49%.
Alongside the rate reductions, Shawbrook has also announced some criteria enhancements, following changes made in Q4 2022. Maximum loan-to-value (LTV) has increased by 5% to 75% on specialist BTL and to 70% on semi-commercial deals, alongside standard payrate debt service cover ratio calculations for five-year fixed rate loans.
“Shawbrook has always remained committed to offering competitive rates on our buy-to-let loans, and we are delighted to be able to roll out these changes with immediate effect,” Daryl Norkett (pictured), head of real estate proposition at Shawbrook, said. “This follows our recent pricing reductions on our digital BTL products, which now start from 5.39% on a five-year fix and benefit from automated initial decisioning, AVMs, and non-represented legals for refinances.
“As a trusted partner to brokers, we want to ensure we are offering competitive pricing and flexible criteria that allows their professional landlord clients to access the finance they require when they need it.”
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