Shawbrook has some upcoming changes to its Buy-to-Let, Commercial and Semi-Commercial, Seconds and Bridging products, which will go into effect on Friday 2nd September:
- Bridging: Simplification of their proposition by creating a single pricing structure for loans up to £25m, and an increase of their arrangement fee to 2%.
- Buy-to-Let: Introduction of a new price point for loans under £150,000 and rate increases from 0.1% – 0.5% on all other products.
- Commercial and Semi Commercial: Removal of 55% LTV pricing band on small loans and rate increases of up to 0.4%.
- Seconds: Rate increases from 0.4% – 0.64% across the range of products.
They are all navigating a new environment with more frequent increases in interest rates than they have been used to. Shawbrook’s priority is to minimise the impact on you and your customers. These decisions are not taken lightly, and they’ve worked hard to balance maintaining a competitive proposition whilst minimising the number of pricing changes that they need to make.
Pipeline: All cases where at least an IMO has been issued (that is less than 14 days old) before 5 pm on Thursday 1st September will be honoured on the existing rates. However, if there is no change in case status within 14 days of the IMO being issued, the case will have to proceed on the new rate and arrangement fee detailed above (if applicable).
If you need any help managing these changes with your clients, please do not hesitate to contact their fantastic team, who are there to support you.