The product, named RI0, is priced at 3.79% to 60% loan-to-value and 4.10% to 75% LTV.
Karen Bennett, sales and marketing director, commercial mortgages, Shawbrook Bank, said: “A commitment to providing clarity across our credit appetite was one of the driving reasons for the new product, and we are confident that the rate reductions will ensure the range remains highly competitive.
“We are very excited about the new RI0 product, which we hope will prove valuable to investors looking for simple residential investment property. We look forward to the impact this will have on market growth.”
Shawbrook has also trimmed its rates across other product lines.
On its RI1 specialist residential range rates stand at 4.40% to 60% LTV and 4.70% to 75% LTV.
This is designed for multi-units, leasehold flats, newly built or newly converted flats, flats above commercial, residential property let to the council or housing association and properties requiring minor works prior to being let out.
The bank’s other products include its RI2 range for HMOs and student lets. Products are priced at 4.50% to 50% LTV and 4.85% to 75% LTV.
With its RI3 range for portfolios meanwhile rates stand at 4.40% to 60% LTV and 4.70% to 75% LTV.
