Brilliant Solutions

The office will be closed from 5pm today for staff training, open as normal tomorrow. 

Our office will be closed from 5pm Thursday, 20th October to 9am Friday, 21st October.
If you have any cases or enquiries that this may affect, please contact our team today. We apologise for any inconvenience.

We are currently experiencing some technical issues that are affecting our telephone lines and internet connection.

We hope to resolve this asap. Apologies for the inconvenience.

 

In honour of Her Majesty Queen Elizabeth II our offices will be closed on Monday 19th September while our staff pay their respects.

The office will re-open at 9am on Tuesday 20th September.

Shawbrook Bank Update

Announcement

Changes to Lending Criteria

Following on from our recent criteria update, we have had to make some further adjustments to our lending criteria. These changes reflect risk appetite adjustments in the current market, however we will continue to review these changes as we remain committed to lending to your customers. These changes include:

Valuations:

Demand for Letting:

Rental Demand Timescales

LTV – please note

0-3 months

Maximum 75% LTV Interest Only (unless stated differently by asset type)

3-6 months

UW to consider the case and reduce the LTV by 5% to 70%

6+ months

UW to give further consideration to the case and in most circumstances decline the deal

Outside IncomeThis is no  longer acceptable to support an Application in England & Wales.

Portfolio AssessmentOutside portfolio will now be stressed at 8.5% with 100% cover required. The E tech portfolio system has been updated to apply this new stress rate.

Bridging

Exit to termWhen Exit is to term we will apply a 7% repayment rate to accommodate any potential interest rate rises during the term of the loan.

85% LFC product: The Deposit (minimum 15%) must come from the Client’s own cash resources for which we will require proof.

Development Finance Exit: We will need to see a contract of sale or exchange for properties within the site. We will also be applying the revised letting criteria as highlighted above

Scotland Lending – New Legislation

Capped Rents: Rising interest rates for mortgage products are being partially offset by rental growth in the current market. However, this is removed in Scotland whilst rents are capped. If the current period is extended, landlords may find passing rent no longer meets debt servicing requirements for a new product at a higher interest rate. We will consider outside sources of income for borrowers who are able to feasibly meet mortgage payments in the event of a longer 3-month void period.

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