Specialist lender Shawbrook Bank has made its buy-to-let range simpler and reduced it to only three products – Single BTL, Complex BTL, and Large HMO.
Shawbrook had 10 BTL products and reduced the range in late 2019 to seven, and now it is down to three.
BTL has been created for property investors who want to borrow under £750k, while those looking to borrow more, or for portfolios and small HMOs, will fit into the Complex BTL product.
The final product, Large HMO, will target those looking to buy or refinance a house in multiple occupation (HMO) with 7 or more occupants.
Interest rates have been set accordingly to the new products, which now start from just 3.25%.
FIND HMO MORTGAGE LENDERS IN THE HMO DIRECTORY
Moreover, Shawbrook has launched a new buy-to-let online application form available for all BTL and HMO applications that have received an Indicative Mortgage Offer. This should help to make the application process as fast and effortless as possible.
The online form will pull through the information that has already been provided by the broker at the initial stages, moving away the need to re-key this data when progressing the case.
With constant interruptions being commonplace in the busy day-to-day of a typical broker, an autosave feature has also been built in so the user can come back at a later stage without any information being lost.
Once finished, the broker will receive a PDF copy of the application for their records making for a much-improved experience.
Emma Cox, sales director – property division at Shawbrook Bank, said: “After hearing the positive feedback around our refresh late last year, we immediately looked to take another step towards further improving the broker and customer experience with Shawbrook.
“It’s crucial to ensure complete clarity for the broker community when it comes to one’s products, and we feel this simplification really ticks that box to make us even easier to do business with.
“With a digital application form now available to our brokers that has received glowing feedback so far, I’m delighted with the positive start we have made to 2020.”