Following the success of MyShawbrook Buy-to-Let last year, Shawbrook has extended its digital offering to now cover Unregulated Bridging with MyShawbrook Bridging.
The innovative addition of MyShawbrook Bridging to the MyShawbrook family will streamline the entire Bridging application process. The process will make valuations and credit-back decisions available to brokers at any time, instant integrated AVMs, and instant Heads of Terms, as well as the ability to instruct solicitors during the AIP stage.
The portal will also offer brokers a maximum loan calculator which will be more detailed than a traditional pass or fail decision. Brokers will now be able to understand the exact figure Shawbrook are able to lend to their client, even in cases where this is less or more than the original loan requested, based on real-time valuations.
Integration with third parties including Experian, Companies House, Hometrack, Whenfresh and CLS will reduce the need for additional data input and reduces the need for unnecessary documentation for customers to sign and brokers to process.
With this drive to improve service through digital transformation, this will also take Shawbrook’s Bridging offering to the next level. With rates starting from 0.40% per month with no early repayment charges, Shawbrook also offer up to 85% LTV for eligible refurbishment loans.
Ahead of the launch, Shawbrook has worked closely with key broker partners to pilot the technology and understand the strengths for both its brokers and underwriters.
Shawbrook recently supported a customer with an unregulated bridging loan in order to fund an auction purchase. Submitted via the application portal by Strategic Partner, The Moneyhub, Shawbrook was able to issue a full mortgage offer within three working days. Specifically this was an unregulated bridging loan, at 81% LTV with the case also including light refurbishment works to be made to the property. The full process completed within 12 days, meeting the auction deadline.
MyShawbrook Bridging, follows the successful MyShawbrook Buy-to-Let portal, which was the first of its kind in the specialist market and has played a key part in revolutionising the Buy-to-Let mortgage journey for Shawbrook customers and broker partners. For one customer a formal mortgage offer was made in just 48 hours via the Buy-to-Let platform, leading to completion in just seven working days after receiving the application in principle (AIP). Shawbrook hopes that the launch of the MyShawbrook Bridging Portal will make the process quicker for more customers moving forward. This is just one example in a series of cases that have been actioned through the portal and have benefited from a much quicker process to receiving a full mortgage offer.
Claire Rankin, Director of Strategy and Digital Transformation at Shawbrook Bank, comments:
“We’re proud to unveil the next stage of our digital product journey with MyShawbrook Bridging, following the successful launch of MyShawbrook Buy-to-Let last year. This development is another way to showcase the investment Shawbrook is making in tech and our aim to make the offer process as smooth and straightforward as possible for customers and broker partners.
“We are committed to advancing our technology in order to make a real difference to our clients, as well as applying our market expertise with complex cases. We’ve shown in the past year with MyShawbrook Buy-to-Let the difference that technology can make to the mortgage market, it has allowed us to provide a frictionless journey to customers in a way that suits them. No longer should customers expect to wait weeks on end for an offer to come through and get lost in numerous forms and paperwork. Making the process digital from the outset is just one way Shawbrook is bringing the mortgage market into the modern day.”