<
p>Shawbrook Bank has exclusively revealed to B&C that it has launched two new specialist mortgage products.
The launch into the regulated bridging space marks a positive move after data revealed that regulated bridging loans had increased by 15% in Q2 this year.
The RB1 and RB2 products are the bank’s first residential mortgage products and are available alongside its existing commercial mortgage offering.
Loans start from 0.59% per month with an LTV of up to 70%. Clients can borrow between £50,000 and £2.5m for a maximum term of 12 months.
Interest is also rolled up and repayable upon exit.
Karen Bennett, Sales and Marketing Director, Commercial Mortgages of Shawbrook Bank, told B&C that although the bridging market is a new territory for the challenger bank, the move is part of a “natural progression” following its success within the short term lending market.
“After extensive research into this sector we wanted to provide a traditional finance solution for chain breaks and those looking to downsize,” Karen said.
“We have therefore created two bridging products for this specific target market and particular purpose.
“We’re always looking for ways to develop our offering in line with the evolving needs of our clients and brokers and our priority remains firmly focused on ensuring the best customer outcomes.”
The RB2 product also provides the option to carry out light refurbishment works on either new or existing properties in order to add value before sale.
B&C announced last week that Shawbrook had appointed new CEO, Steve Pateman, who will be joining from Santander, where he is the Head of UK Banking, and is set to start his new role on the 1st January next year.
Shawbrook Bank has exclusively revealed to B&C that it has launched two new specialist mortgage products.
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