Thursday, July 18, 2024
HomeMortgageShawbrook launches switch and fix; Spring Finance cuts rates – round-up

Shawbrook launches switch and fix; Spring Finance cuts rates – round-up

Shawbrook launches switch and fix; Spring Finance cuts rates – round-up

Shawbrook has released a ‘switch and fix’ refinance solution.

Shawbrook said this would help existing borrowers to switch from an expiring fixed rate to a new product with a new rate. 

The lender said the switch and fix option would also offer a streamlined process and simplify the customer journey as it reduces the need for new documentation, and in many cases there is no requirement for a valuation or solicitors’ instruction. 

It is open to existing buy-to-let (BTL) and commercial investment borrowers where the loan term, borrower detailed, security properties and loan amount remain unchanged. 

Daryl Norkett, director of real estate proposition at Shawbrook, said: “Switch and fix underscores our commitment to making the refinancing process as seamless as possible for our customers and their brokers. In a volatile market, selecting a new fixed rate has never been more critical.

“We’ve designed switch and fix to help customers secure new rates, including on more complex loans and commercial mortgages, while minimising costs and friction. We are excited to see our customers take advantage of this new offering and look forward to supporting their future growth.” 

Last month, Shawbrook amended its criteria for professional landlords to support new and existing investors.


Spring Finance reduces residential and commercial bridging rates 

Specialist lender Spring Finance has lowered rates across its residential, semi-commercial and commercial bridging products. 

The changes apply to the lender’s regulated and unregulated deals. 

Its first charge residential bridging finance is now available from 0.89% per month up to 75% loan to value (LTV), while second charge rates start from 1.04% up to 65% LTV. Meanwhile, semi-commercial and commercial lending rates start from 1.04%. 

Jim Baker, sales director of bridging and development at Spring Finance, said: “Brokers recognise Spring as a lender that works in partnership with them to deliver clarity, simplicity and good value for their specialist bridging needs.

“Certainty of lending decisions and funding is core to our proposition, but so is price. This latest reduction in rate maintains our leading position in the market and demonstrates our confidence that we will soon be seeing reductions in the Bank of England base rate.” 

In June, Spring Finance officially launched its development finance arm to offer regulated and unregulated products.

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