Shawbrook has announced the launch of Product Transfers, a new offering designed to streamline the fixed-rate renewal process for existing buy-to-let and commercial mortgage customers.
The Product Transfers solution allows customers to select a new fixed-rate deal on their current mortgage without the need for additional borrowing, term extensions or underwriting.
The lender says the process can be completed in four steps, providing a more straightforward option for brokers and their professional investor clients.
The move builds on the success of Shawbrook’s Switch & Fix product, which launched in summer 2023. The new Product Transfers range includes 2, 3, 5 and 10 year fixed rates, with reduced pricing for existing Buy-to-Let customers on loans between £40,000 and £1m.
Shawbrook said the offer forms part of its ongoing strategy to simplify mortgage options for investors and enhance the customer journey. Alongside Product Transfers, the bank continues to offer a Refinance proposition for customers looking to raise capital or amend loan terms.
Daryl Norkett, director of real estate proposition at Shawbrook, said: “The success of Switch & Fix has been key to the launch of Product Transfers in demonstrating the strong demand from our brokers and customers for fixed rate options. We’ve been able to develop the platform to enable brokers and customers to choose a new fixed rate product on the existing mortgage, removing the underwriting requirements of refinancing to a new loan.
“The introduction of this offering for both Buy-to-Let and Commercial mortgages is another step towards simplifying the experience for brokers and their professional investor clients so we can provide the best possible service and a broad range of product choices.”
Claire Rankin, director, specialist lending, real estate at Shawbrook, added: “With our new Product Transfer offering, we’re able to provide a process familiar to the residential and buy-to-let market but with the enhanced and unique capability to extend this to our commercial mortgages as well. This provides an unrivalled customer experience – and it’s just the beginning. We have some fantastic enhancements scheduled for later this year that will continue to elevate our offering for existing customers.”
