Existing customers can now switch from an expiring fixed rate to a new fixed rate
Specialist lending bank Shawbrook has introduced Switch & Fix, a streamlined refinancing process designed to help existing customers switch from an expiring fixed rate to a new loan with a new fixed rate.
The lender said the new process simplifies the customer journey by reducing the need for new documentation as in many cases, a valuation and solicitors’ instruction are not required.
The ‘Switch & Fix’ option is available to existing buy-to-let and commercial investment customers, provided the contractual loan term, borrower details, security properties, and loan amount remain unchanged.
The new offering is part of a suite of options for existing customers, including Product Switch, end of term extensions, and Shawbrook Refinances, which cater to customers wanting to make changes to their deal or raise capital. All options come with a 1% reduction on the standard arrangement fee for existing customers.
“Switch & Fix underscores our commitment to making the refinancing process as seamless as possible for our customers and their brokers,” said Daryl Norkett (pictured), director of real estate proposition at Shawbrook. “In a volatile market, selecting a new fixed rate has never been more critical.
“We’ve designed Switch & Fix to help customers secure new rates, including on more complex loans and commercial mortgages, while minimising costs and friction. We are excited to see our customers take advantage of this new offering and look forward to supporting their future growth.”
Shawbrook has recently improved its lending criteria to allow first-time landlord borrowers to seek multi-unit freehold blocks up to six units. It has also enhanced its commercial lending by increasing the maximum loan-to-value ratio to 75% for industrial properties.
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