Shawbrook has unveiled two new mortgage products for its buy-to-let (BTL), commercial, and semi-commercial ranges. The offerings include a new two-year fixed rate mortgage and a 10-year fixed rate mortgage.
Alongside the three -year and five-year fixed rate products, the two-year and 10-year options provide alternative choices for landlords managing interest rate risk.
Shawbrook believes the new two -year fixed rate will help to provide a shorter commitment option for investors seeking flexibility, with rates starting at 6.69% for complex buy-to-let and 7.24% for commercial.
The new product is launched alongside improvements to how Shawbrook stress tests shorter term fixed rates which allows for up to 20% increases in maximum loan sizes when compared to before.
Meanwhile, the new 10-year fixed rate will, Shawbrook insists, support investors seeking longer-term security for their investments, with rates starting at 6.39% for complex buy-to-let, and 6.94% for commercial.
Alongside the introduction of the new fixed rates, Shawbrook has also repriced some of its buy-to-let and commercial investment products and has made changes to its early repayment charges (ERCs).
ERCs for BTL, commercial, and semi- commercial mortgages will now be linked to the fixed-rate term rather than the contractual loan term.
Shawbrook’s head of real estate proposition Daryl Norkett comments: “We understand that property investors need options to suit their strategy and it was crucial for us to widen our range of mortgages to meet individual needs. These updates reflect feedback from our broker partners, and we’re pleased to have responded promptly by providing them with more options and funding choices for their clients”.
