Shawbrook cuts commercial rates
Shawbrook’s Commercial Mortgages division has cut the rates on its commercial and semi-commercial product range for loans up to £10m.
In addition it has also increased its loan-to-value buckets and extended its interest-only offering.
Reduced rates across both commercial and semi-commercial product range include CI2 (semi-commercial) below 60% LTV which sees a 0.15% reduction, a 0.65% reduction on CI2 between 65.01% and 75% LTV and a 0.3% reduction on LCI2 (large semi-commercial) below 65% LTV.
Increased LTV buckets across both the commercial and semi-commercial product range see LCI1 (large commercial) go up to 70% LTV from 65% LTV and LCI2 up to 75% from 70% LTV.
The improved interest-only options for both commercial and semi-commercial product range see CI1 (commercial) have interest-only available up to 70% LTV , LCI1 (large commercial) now has interest-only available up to 70% LTV from 65% LTV and LCI2 now has it available up to 75% LTV from 70% LTV.
Karen Bennett, sales and marketing director for Shawbrook Commercial, said: “These changes form a key part of our ongoing commitment to service delivery and product improvements, with a great deal of research and thought informing our decision-making.
“It’s been a challenging yet rewarding period for all Shawbrook teams, with these enhancements to commercial and semi-commercial following recent updates to our short term criteria.
“We hope that our broker partners recognise the benefits to their clients that these updates will provide. With rates dropping and increased LTV buckets across the entire semi-commercial range, Shawbrook is pushing positive customer outcomes to the fore whilst clarifying our lending appetite to brokers.”