It also reprices some of its other products and updates ERCs
Specialist lending bank Shawbrook has introduced two new mortgage products for its buy-to-let, commercial, and semi-commercial ranges, including a new two-year and a 10-year fixed rate.
The lender said the additions to its mortgage range aimed to meet the changing needs of landlords and property investors as the market evolved, with the new products providing alternative choices for landlords managing interest rate risk.
The new two-year fixed rate is now available with rates starting at 6.69% for complex buy-to-let and 7.24% for commercial. The new product is launched alongside improvements to how Shawbrook stress tests shorter term fixed rates which allows for up to 20% increases in maximum loan sizes when compared to before.
Meanwhile, the new 10-year fixed rate has rates starting at 6.39% for complex buy-to-let, and 6.94% for commercial.
In addition to the introduction of the new fixed rates, Shawbrook has also announced the repricing of some of its buy-to-let and commercial investment products, as well as changes to its early repayment charges (ERCs).
ERCs for BTL, commercial, and semi-commercial mortgages will now be linked to the fixed rate term rather than the contractual loan term, providing more flexibility to landlords considering funding options.
Updated buy-to-let and commercial investment rates can be found on the lender’s website.
“We understand that property investors need options to suit their strategy, and it was crucial for us to widen our range of mortgages to meet individual needs,” stated Daryl Norkett (pictured), head of real estate proposition at Shawbrook. “These updates reflect feedback from our broker partners, and we’re pleased to have responded promptly by providing them with more options and funding choices for their clients.
“We are continuously striving to deliver innovative solutions that support brokers and their professional landlord clients, especially during this rapidly evolving market.”
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