At Shawbrook, we’re always exploring ways to improve the customer journey.
Introducing ‘Switch & Fix’ – a streamlined refinance process to help existing customers switch from an expiring fixed rate to a new loan, with a new fixed rate.
Read on to find out more about Switch & Fix, and what benefits you can expect:
What is Switch & Fix?
Switch & Fix is designed to help your customers refinance their Shawbrook loan to secure a new fixed rate.
We have transformed our underwriting and completions process, using our knowledge of existing customers to minimise conditions and, in as many cases as possible, remove the requirement to instruct valuers and solicitors.
Please note that to access Switch & Fix the contractual loan term, borrower details, security properties and loan amount must remain unchanged.
What are the benefits of Switch & Fix?
1. Straightforward Process
We have streamlined our application process to launch Switch & Fix and now, in many cases, do not require a valuer or solicitor instruction (subject to criteria). Our focus is on delivering simplicity and speed for you and your customers where possible.
Please note that for customers with £1.25m or more lending with the Shawbrook Group, we will require up-to-date property schedules uploaded to Core Logic and 3 monthly bank statements.
2. Locked-In Fixed Rate
Once you have received the FMO, the new fixed rate is locked-in for your customer for 90 days. All we need at this stage is the anticipated completion date for us to proceed to the new fixed rate.
3. Reduced Arrangement Fee
All of our new business products are available, and benefit from (subject to criteria), a 1% reduction to the standard arrangement fee. Broker commissions are set at 0.5% for Broker Partners.
Our Guides to Switch & Fix
So how do you apply for a new fixed rate using Switch & Fix?
Switch & Fix uses our Product Switch Portal (rather than MyShawbrook) for new applications and the process is highlighted on our Broker Guidance document which gives you:
- A summary of options open to existing customers, including Switch & Fix, and reminding your of our Product Switch process for end of term extensions and Shawbrook Refinances, for when customers want to make changes to the deal or raise capital.
- Our process for applying for Switch & Fix.
- FAQs.
We also have our new Lending Criteria, which can be accessed below, detailing all conditions to access Switch & Fix. These are both available on our website also.