The changes, which also include the removal of the 0.25% loading on its 10-year interest-only term, will apply to any cases which are currently being worked on by Shawbrook.
Karen Bennett, head of sales of commercial mortgages, said: “We are very responsive to our brokers and intermediaries and the latest changes to our interest-only product range come as a result of their feedback.
“Brokers lie at the heart of Shawbrook’s business so we take the time to listen to their views on our products and service.”
Bennett said feedback is obtained through a number of channels one of which is its team of regional development managers who work closely with brokers.
Bennett added: “Shawbrook has ambitious growth plans for 2013 and beyond and we will continue to work closely with our brokers to ensure we are offering products and processes which really work for them."
Shawbrook’s interest-only expansion plans follow yesterday’s announcement that the Royal Bank of Scotland and NatWest would withdraw completely from the interest-only market.
