Shawbrook launches new investment product for simple BTLs

The new product, named RI0, is designed for simple residential properties intended for private letting, which do not require any works. The product is priced at 3.79% on LTVs up to 60% and 4.10% at 75% LTV, with reduced legal fees, and is aimed at investors with available deposits and whose rental income services their debt.

Shawbrook has also refined its existing RI1 specialist residential product to cover multi-units; leasehold flats; newly built or newly converted flats; flats above commercial; residential property let to the council or housing association; and properties requiring minor works prior to being let out.

The rate reductions, which range from 0.05% to 0.15% depending on LTV, demonstrate the lender’s commitment to evolving its offering to deliver positive outcomes for the customer.

Karen Bennett, Sales and Marketing Director, Commercial Mortgages, Shawbrook Bank, commented:

“We are aware that ours is an ever-changing industry, and we’re always looking to improve to support our broker partners and allow customers to benefit from healthy competition. A commitment to providing clarity across our credit appetite was one of the driving reasons for the new product, and we are confident that the rate reductions will ensure the range remains highly competitive. We are very excited about the new RI0 product, which we hope will prove valuable to investors looking for simple residential investment property. We look forward to the impact this will have on market growth.”