Shawbrook reintroduces heavy refurbishment range and returns to 85% LTV on some products
Shawbrook Bank has returned to some of its pre-pandemic criteria and reintroduced products that had been temporarily removed.
Shawbrook tightened its criteria as a result of the coronavirus crisis, and in March made several changes to its buy-to-let (BTL), commercial investment, bridging finance and second charge products.
The specialist lender has reintroduced its heavy refurbishment products under its bridging finance range, which had been temporarily removed as a result of the impact on the construction industry and supply chains.
These products have been reintroduced at a maximum loan-to-value (LTV) of 75%.
Shawbrook has also resumed its full electronic agreement in principle (e-AIP) service, and has removed additional assessments that were temporarily required for BTL and Bridging loans over 65% LTV.
On the second charge mortgage range, the lender increased the maximum LTV back up to 85% (previously capped at 75%) and reduced the minimum loan amount to £5,000 for LTVs between 75.01% and 85%.
Emma Cox, sales director at Shawbrook, said: “The impact of the pandemic on the market was felt widely across the lending landscape, leading some to withdraw from the market altogether, and others to tighten their belts.
“I am pleased that Shawbrook fell into the latter category, only making temporary adjustments to ensure we could continue to support our brokers as much as possible throughout this challenging time.
“Whilst we are not in a position to return all of our criteria to pre-COVID levels, we are delighted with the steps we have taken to ensure we can support more of our customers and create a better journey for our broker partners.
“Reintroducing our heavy refurb products, increasing our max LTV on our second charge range, and resuming our full e-AIP service are all such positive changes and I hope will be welcomed by our broker community.”