Spring cleaning for Shawbrook and Accord as they cut prices and launch new products
Shawbrook Bank’s ‘Spring Fling’ is underway for its commercial mortgages team as it announces its latest pricing initiatives, and Accord Mortgages launches brand new two- and five-year fixed rate remortgage products.
Shawbrook Commercial’s latest ‘Spring Fling’ initiative focuses on three up-dates: reduced pricing, the retiring of the Bank’s LCI 1&2 products, and an increase of the maximum loan size to £15m for the lender’s new CI1 (commercial) and CI2 (semi-commercial) products.
Shawbrook has reduced its commercial rates, as available via brokers, by up to 0.64% on its new CI1 product and by up to 0.54% on its CI2 product.
In a bid to further streamline its commercial offering, Shawbrook has also simplified its loan-to-value (LTV) brackets, across its commercial and semi-commercial products. The new brackets are as follows: up to 55% LTV, 55.01 - 65% LTV and 65.01 - 75% LTV.
In addition, there will now be just two dedicated products for commercial investment: CI1 for commercial and CI2 for semi-commercial. The previous LCI and LC2 products will be retired and the new CI1 and CI2 products will be available for loans up to £15m.
However, the bank’s E-AIP online application system, which provides brokers with a credit-backed Indicative Mortgage Offer (IMO) within 15 mins, will continue to be accessible for commercial applications under £750k.
Karen Bennett, Managing Director of Shawbrook Commercial Mortgages, said:
“We realise that cutting through the noise and providing a transparent, no-nonsense approach to lending makes our Broker Partners' lives easier. We are confident that by streamlining our Commercial product range, both brokers and their clients will benefit from a product offering which is both innovative and easy to understand. When combined with the significant pricing reductions which are now live, this emphasises our strong appetite to lend to investors and landlords in the Commercial Mortgages space.
"We still have two more rounds of the ‘Spring Fling’ to go and the Shawbrook teams are very excited about the positive customer outcomes these will provide for our brokers’ clients. I would advise our Broker Partners to keep a lookout for the next round of initiatives which will be on the way next week.”
Intermediary-only lender, Accord Mortgages, brings two new fixed rate remortgage products to the market this Spring.
The new two-year fixed rate remortgage product is available at 65% LTV, while the new five-year deal is being advertised at a rate of 2.24% for a 75% LTV product. Both deals come with a free standard valuation and legal fees and neither carry upfront product fees.
Accord has also cut the rates on select 65%, 75% and 80% LTV fixed rate mortgages by up to 0.10%, while reducing the rate on its two-year 65% LTV base rate tracker mortgage by 0.05%. This product now comes in at a rate of 1.24%, with no early repayment charges (ERC).
David Robinson, national intermediary sales manager for Accord Mortgages says:
"It is proving to be a popular time for borrowers to remortgage at the moment, especially those seeking lower loan-to-value deals.
“We believe that our new remortgage options will prove popular amongst borrowers and the options across the different terms, plus the additional features, will help brokers to choose the best loan to suit their clients’ requirements.”
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10th March 2017
