Shawbrook Bank's commercial mortgages division has reduced pricing across its large loan product by 0.5%.
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div>Shawbrook Bank’s commercial mortgages division has reduced pricing across its large loan product by 0.5%.
The lender has also retired its product for mixed use commercial assets, leaving two products for large commercial investments covering commercial and semi-commercial security.
Karen Bennett, Sales & Marketing Director, said the maturity of their large loan proposition had led to the desire to increase its competitive edge on pricing.
“During the assessment process it became clear that the best option was to remove the mixed portfolio Large Loan product (LCI3), as our brokers expressed a clear preference to transact solely across either residential or commercial assets,” said Karen.
“When coupled with our ongoing commitment to service, I am confident that this product initiative will be well received by the market and look forward to its impact.”
Julie Griggs, Director for Commercial Processing Centre, added it was crucial to have lenders on their panel that continually strived to improve their product range.
“Commercial Processing Centre (CPC) has worked with Shawbrook for many years and we have always found this to be the case,” said Julie.
“The new product enhancements make this offering even more competitive and also demonstrate how Shawbrook look to deliver good customer outcomes at all times.”
In response to the slashed rates, James Hardwick of Charleston Financial stated that in recent months he had seen new products, reduced fees, re-modelled processes and now a significant rate reduction on Shawbrook’s large loan offering.
“The change in their large loan proposition further demonstrates their commitment to the specialist mortgage market and a continuous drive to remain at the forefront of the market - not just with their diverse range of products, but with their overall pricing strategy,” James explained.
James said that Charleston Financial has had a strong relationship with many lenders, however Shawbrook had continued to evolve for the benefit of its clients and had kept pace with an ever-changing market.
“In a competitive industry with new lenders emerging, this shows their appetite for large loan propositions for their broker partners and clients alike which can only be a good thing for the market as a whole,” James added.
The full list of changes are below:
LRI1 (single dwelling), LRI3 (portfolios)
· Now 3.70% up to 65% LTV (reduction of 0.50%)
· Now 3.90% up to 75% LTV (reduction of 0.50%)
LRI2 (HMOs/ Student lets)
· Now 3.80% up to 65% LTV (reduction of 0.50%)
· Now 3.99% up to 75% LTV (reduction of 0.51%)
LCI1 (Commercial)
· Now 5.85% up to 65% LTV (reduction of 0.50%)
LCI2 (Semi-commercial)
· Now 4.80% up to 65% LTV (reduction of 0.50%)
· Now 4.95% up to 70% LTV (reduction of 0.50%)
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