Shawbrook Bank has changed its early repayment charge structure by removing the 1% charge on loans after five years.
ERCs on 3-year terms stand at 3% on years one and two and 1% on the third year, while charges on 5-year terms are 3% from years one to four and 1% on year five.
Karen Bennett, sales & marketing director of commercial mortgages at Shawbrook, said: “These changes to our ERCs come as a result of listening to the feedback provided by our broker partners and their clients, and marrying this with the expertise of the Shawbrook teams.
“Any feedback that helps us improve our ability to transact business is always welcome. In this circumstance, we are confident that this update is another positive step on our broader path towards process and product improvement.
“The bank is committed to transparent pricing and clear criteria, with the core aim being to ensure the best outcome for the customer and to reiterate our strong lending appetite.”