Shawbrook have a market update, please see below. Contact us to see how you can benefit from our support or contact Shawbrooks Sales Team here.
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Announcement
Advanced notice: we are making changes to some of our products
I am writing to inform you of some upcoming changes to our Buy-to-Let, Commercial and Semi-Commercial products, with the following being effective from Tuesday 28th June:
- Increasing some of our rates across our Buy-to-Let products by up to 0.35%
- Increasing some of our rates across our Commercial and Semi-Commercial products by up to 0.50%
- We have also undertaken a review of our arrangement fees to ensure we are aligned to the market and have made the decision to increase the fee on term lending to 2%
Pipeline: All cases where at least an IMO has been issued (that is less than 14 days old) before 5pm on Monday 27th June will be honoured on the existing rates. However, if there is no change in case status within 14 days of the IMO being issued, the case will have to proceed on the new rate and arrangement fee detailed above (if applicable).
Since Shawbrook began over 10 years ago, we have remained committed to supporting you, our valued broker partners and your customers. This commitment remains as strong as ever, however for Shawbrook to continue to have a sustainable commercial model, we must move with the market and respond to the tough economic conditions. As interest rate rises become more commonplace, this unfortunately won’t be the last time I will write to you about this, as we continue to monitor and respond to the market.
Please be assured that we do not take these decisions lightly, and we do our utmost to minimise the impact to your customers. If you need any help navigating these changes with your clients, please do not hesitate to contact our fantastic team, who are here to support you.
Important information about our products
Following the advanced notice last week, we can confirm that we have increased rates across some of our Buy-to-Let, Commercial and Semi-Commercial products.
Effective today, we have:
- Increased rates on Digital Buy-to-Let products by 0.20%
- Increased rates on Specialist Buy-to-Let products for loans over £1m by up to 0.35%, and for loans less than £1m by up to 0.25%
- Increased rates on Commercial and Semi-Commercial products by up to 0.50%
- Arrangement fees on term lending have increased to 2%, for product switch and refinance cases the arrangement fee has increased to 1%
Pipeline: All cases where at least an IMO has been issued (that is less than 14 days old) before 5pm on Monday 27th June will be honoured on the previous rates. However, if there is no change in case status within 14 days of the IMO being issued, the case will have to proceed on the new rate and arrangement fee detailed above (if applicable).