Since its launch in July, Switch & Fix has been helping customers, either on variable rates or with an upcoming fixed rate expiry, move to a new loan with a new fixed rate through a streamlined process.
Today we’re improving the Switch & Fix proposition further by launching 2 and 5 year fixed rate Buy-to-Let products for loans between £40k – £1m:
- Rates from 6.29% for loans up to £150k
- Rates from 5.79% for loans over £150k
- 2% arrangement fee (our Buy-to-Let Energy Efficiency Discount can be applied to properties with EPC ratings A – C)
To qualify for these new Buy-to-Let rates, your client must meet the following criteria:
- Single Let Buy-to-Let property – individual houses and flats
- Maximum six properties on the loan
- Customer meets standard credit history criteria
- Customer has no missed mortgage payments
90% of cases that have gone through the Switch & Fix process so far have completed with no valuation and legal instruction.
Download our new rate sheet for full product details, along with the latest versions of our Lending Criteria and Broker Guidance documents.
If you haven’t got started with Switch & Fix yet, read on for more information on this streamlined process for existing customers.
Switch & Fix Lending Criteria Broker Switch & Fix Guidance
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?
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.
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.
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. Strategic Partner commissions are set at 0.75%.