Shawbrook reduces fees on residential refurbishment products
Shawbrook has announced a fee reduction on its Residential Refurbishment (RR) business products. As part of the bank’s commitment to continually improving its product range, Shawbrook has responded to broker feedback and reduced the arrangement fee on its residential refurbishment products for single properties and HMOs (RR1 and RR2) from 2.50% to 1.70%. The new 1.70% fee is made up of 1.45% added to the loan outside the LTV.
Karen Bennett, sales and marketing director, commercial mortgages, Shawbrook Bank said: “We believe this arrangement fee reduction will deliver value for those of our broker’s clients who are looking to buy a property to refurbish and hold. We’re pleased to be able to bring these changes to the market so early in 2015, but it is only the first in a series of enhancements planned for the year, which we are confident will keep Shawbrook at the forefront of the specialist lending market.”
