Pre-Pandemic Criteria Reinstated At Shawbrook Bank
Shawbrook Bank has reinstated some of its pre-pandemic financial criteria, as the lockdown restrictions continue to ease.
Shawbrook was amongst a number of lenders who tightened their lending criteria during the height of the pandemic, and altered a number of its other products.
Emma Cox, Sales Director at Shawbrook, says although the impact of the pandemic was felt widely across the lending landscape, Shawbrook was able to ‘tighten its belt’, only making temporary adjustments to continue to support its brokers as much as possible.
“Whilst we are not in a position to return all of our criteria to pre-Covid levels, we are delighted with the steps we have taken to ensure we can support more of our customers and create a better journey for our broker partners.”
“Reintroducing our Heavy Refurb products, increasing our max LTV on our second charge range, and resuming our full e-AIP service are all such positive changes and I hope will be welcomed by our broker community.”
The Bank’s Heavy Refurbishment product’s loan-to-value (LTV) rate is 75%, whilst its second charge mortgage range has a maximum LTV of 85%.