Shawbrook Bank has cut rates across its residential refurbishment range by 0.20% to 0.35%.
The changes apply to its RR1 and RR2 products, while the bank has also removed the debt service coverage ratio to 125% for RR1 and 135% for RR2.
Karen Bennett, sales & marketing director, commercial mortgages, said: “In such a fast paced market it is imperative to keep improving, keep being transparent, and keep encouraging feedback – both positive and negative – so that we are able to make changes that help deliver good outcomes for the borrower, and help us stay at the forefront of a highly competitive space. This latest series of enhancements reflect that appetite and I am pleased to confirm that we have more of the same planned for Q1.
“It is testament to the hard work of the Shawbrook teams and the close relationship we have with our broker partners that we have been able to take on board feedback, and deliver such a significant series of improvements to elements of the residential product suite in January.