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Shawbrook to temporarily pull out of second charge BTL market
Shawbrook Bank’s residential team has revealed it will be temporarily removing its buy-to-let second charge mortgage product at the end of the year.
The bank said that the product had been under review for some time following the announcement by the Prudential Regulation Authority (PRA) in regards to its SS13/16 supervisory statement.
In September, the PRA announced new minimum expectations for underwriting standards in the buy-to-let market, which included better affordability assessments.
Shawbrook reassured that all existing pipeline is unaffected and would be paid out as normal on existing terms.
The bank’s commercial team, however, said it will be continuing to offer its specialist buy-to-let range and has announced that from 19th January 2017 it would be reducing rates by up to 0.96% on specialist buy-to-let products and up to 1.06% on residential products.
Shawbrook will also be revising its affordability criteria in line with the supervisory statement SS13/16 as it introduces separate coverage ratios for individuals and corporate borrowers.
The bank will also be releasing an updated residential product range that will take the buy-to-let second charge announcement into account.
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