Shawbrook Bank has extended the reach of its newly launched buy-to-let non-portfolio product, making it available to customers with small houses in multiple occupation properties. 

The non-portfolio loan, launched last month, is offered at a fixed rate of 3.69%, at up to 75% LTV.

The move comes as the lender also makes updates to its automated valuation criteria to cater for small HMO applications, which it says offers “a more efficient and cost-effective valuation process to more customers”.

Its non-portfolio product is exclusively available on the bank’s digital portal, MyShawbrook Buy-to-Let, also launched last month, which aims to streamline broker applications.

It is designed to handle cases with simple requirements that benefit most from the automated features of the system.

The lender adds customers must meet the following criteria to be eligible for the non-portfolio product:

· Non-portfolio landlords only

· Single dwelling applications, including houses or flats in a block up to four storeys

· Small HMO applications (six households or fewer)

· Must qualify for and proceed with an AVM –removing valuation costs for the customer

· Available to first-time landlords

Shawbrook Bank head of sales Gavin Seaholme says: “We’ve seen some fantastic outcomes for customers who have made use of our non-portfolio product via our slick digital portal, with some cases going to offer in just three hours. 

“Naturally, we want to make that experience possible for even more customers, which is why we have broadened the product criteria to cater for small HMO properties.”

“As well as improvements to service, more customers can benefit from its competitive rate, as well as a free valuation via our enhanced AVM proposition – so it’s great news all round.”