PRESS RELEASE
29/10/2015
Shawbrook enhance popular “RI0” product for simple residential
security.
Shawbrook’s new RI0 product for Simple Residential Security has been well received by its
Broker Partners and is proving to be a valuable addition to the competitive Residential
Investment range offered by the Bank. Based on feedback from various Broker Partners
since the launch of the product in July 2015, the Commercial team is pleased to announce
some enhancements to the RI0 product covering the use of deposit funds and a clarification
around the credit history of the applicant for this product.
Deposit funds
Upon launch of the RI0 product, it was a requirement that the deposit was funded from the
client’s own sources. After studying this closely over the past 6 weeks Shawbrook has
subsequently removed this requirement allowing Broker Partners to follow the standard
deposit criteria.
Credit
In response to a call for clarity around the client’s credit history as it relates to the RI0
product, Shawbrook is now able to define what it terms as ‘unacceptable adverse’ as follows:
- Unsatisfied CCJs within the last 24 months.
(However where they are recently satisfied Shawbrook is able to discuss the circumstances
to gain a better understanding of the clients position, but agreement will be on a case by
case exception basis. CCJs over 24 months that remain current will require an explanation
to be considered acceptable, and MUST be cleared prior to completion.)
- Mortgage arrears. (Unacceptable regardless of when they occurred)
- Business adverse within the last 36 months
- Unsatisfied defaults over £100 within the last 24 months
These changes are designed to bring more clarity for Broker Partners across the Banks
policy, helping them to better service their clients.
Karen Bennett, Sales & Marketing Director, Commercial Mortgages commented;
“We strive to consistently shine a light on our own performance, responding to the needs of
our brokers and making changes wherever possible to help them grow their business and
deliver for the borrower.
“This change and the additional clarity provided around customers’ credit history is a clear
indicator of our desire to promote transparency across our offering, and we plan to continue
this using feedback from our Broker Partners and the market.”
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Ends
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For more information please contact:
Edward Keough / Maddy Morgan Williams
Lansons
020 7490 8828
edwardk@lansons.com / maddymw@lansons.com
Notes to editors:
About Shawbrook Bank:

Shawbrook Bank is a specialist savings and lending bank which launched in
October 2011. In March 2012 Shawbrook acquired Singers Asset Finance to
extend its lending offer to SMEs. This was followed by the acquisition of
Centric Commercial Finance in 2014

Shawbrook listed on the London Stock Exchange (SHAW) in April 2015

For SME business customers, Shawbrook offers commercial property
finance, asset finance, invoice finance and savings products

For personal customers, Shawbrook offers a range of competitive savings
products, secured loans, and unsecured loans through its retail partners

Shawbrook also offers a savings account for charities and trusts

Shawbrook’s Commercial Mortgages team is the three-times winner of the
Business Moneyfacts award for Best Service from a Commercial Mortgage
Provider (2012, 2013, 2014), twice winner (2013, 2014) of the NACFB award
for Best Innovative Lender, and twice winner (2013, 2014) of the Bridging &
Commercial award for Commercial Lender of the Year

Shawbrook is authorised by the Prudential Regulation Authority and regulated
by the Financial Conduct Authority and the Prudential Regulation Authority.
Find out more at www.fca.org.uk or www.bankofengland.co.uk/pra

Visit www.shawbrook.co.uk and follow us on Twitter @ShawbrookBank
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