Shawbrook Bank has upped the LTV on its secured residential buy-to-let mortgage and relax its processing requirements in response to broker demand.
The LTV on the product, which helps property developers to raise capital against their residential buy-to-let property, will now increase to 70%.
Shawbrook will also relax some processing requirements, including the reduction of the minimum property valuation to £110,000 and lifting the maximum number of properties in the portfolio to six.
It has introduced the changes following feedback from brokers, who have seen uplift in demand from property developer customers looking for a ways to release equity from existing their portfolio and avoid remortgaging.
Maeve Ward, head of sales at Shawbrook Bank said: "The relationships we have with our broker partners are pivotal to our success and we take their feedback incredibly seriously. We are therefore thrilled to be able to put their feedback into practice by making their suggested changes to our buy-to-let product in terms of increasing LTV and added flexibility in terms of our processing procedures.
"We believe secured lending will become increasingly popular with our property developer clients who seek a viable alternative to remortgaging.”
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