Shawbrook Bank has introduced a new buy-to-let product exclusively through its recently launched digital portal, MyShawbrook Buy-to-Let.
The lender has also cut rates by up to 60 basis points across its buy-to-let range on mortgages up to £1m.
The new non-portfolio product is designed to complement the new platform, launched last week, and support cases that will benefit most from the automated features of the technology.
The product, with a rate of 3.69% and up to 75% LTV, is available to non-portfolio landlords with single dwelling applications, who must qualify for and proceed with an automated property valuation.
The firm says the system “will provide a competitive rate for BTL customers with straightforward requirements, allowing Shawbrook’s specialist underwriting team to focus on more complex cases”.
The lender says its MyShawbrook Buy-to-Let offers instant indicative mortgage offers, including automatic property valuations where applicable.
It adds the portal will streamline applications by integrating with third parties such as Companies House and Hometrack, cutting back on the need for unnecessary documents and data input.
During the test phase for the platform, the lender says it saw some cases move to formal mortgage offers in just 24 hours and complete in as little as seven days.
Shawbrook Bank sales director Emma Cox says: “This product has been designed to work in harmony with our new digital portal.
“Cases that meet the product’s eligibility criteria should sail through the new system with minimal manual intervention, freeing up our expert teams to concentrate on the more complex cases that make us specialists.
“In turn, this will improve the experience for all our buy-to-let customers.”
Highlights of the reductions across its BTL products below £1m include:
A three-year fixed-rate loan on 75% LTV at 4.29%, from 4.49%.
A five-year fixed-rate deal on 75% LTV at 4.34%, from 4.54%.
A three-year fixed-rate mortgage on 65% LTV at 4.19%, from 4.39%
A five-year fixed-rate offer on 65% LTV at 4.24%, from 4.44%
The firm adds these rates are available across all property and borrower types.
