Shawbrook returns to some pre-pandemic criteria

3 August 2020 | General

Specialist bank Shawbrook has returned to some of their pre-pandemic criteria, following a previous tightening as a result of the coronavirus crisis and several changes to selected product ranges in March.

One of the key changes unveiled to brokers this week is the return of the heavy refurbishment products under their bridging finance range, which had been temporarily removed as a result of the impact on the construction industry and supply chains. These products have now been re-introduced at a max LTV of 75%.

Shawbrook has also resumed their full eAIP service which means that their eAIP approvals no longer require manual confirmation. Along with this they have removed additional assessments that were temporarily required for buy-to-let and bridging loans over 65% LTV.

On their second charge mortgage range, the lender announced that they have increased the maximum LTV back up to 85% following being previously capped at 75%. Shawbrook has also 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.”

This post has originally been featured in Property Wire.