Shawbrook simplifies Second Charge mortgage offer and cuts rates
Shawbrook has announced a rate reduction in its second charge mortgage offering. This change applies to products with an 85% loan-to-value (LTV) ratio, with rates now starting at 6.00% on loans of £5,000 to £150,000. Updated rates apply to variable, two-year fixed and five-year fixed mortgages. Previously, customers could expect rates of 6.45%, 6.80% and 6.85% respectively. Customers can now expect rates of 6.00, 6.25% and 6.30%.
Shawbrook will also release a big, limited-edition five-year fixed loan. For loans over £100,000 customers can expect a rate of 4.55%, up to 75% LTV. Second mortgage rates, up to 75% LTV, remain the same.
In addition to these product enhancements, Shawbrook has worked hard behind the scenes to simplify its second mortgage criteria. Starting today, it has relaxed documentation requirements and simplified income criteria.
Gavin Seaholme, Bridging and Second Load Manager at Shawbrook, comments: “The changes to our second charge mortgage offering reaffirm Shawbrook’s commitment to offering a competitive second charge proposition. The message for us is simplification, and we make the process as easy as possible for brokers and clients, from application to completion. We have open communication channels with our clients and key broker partners from which we have been able to evolve our proposition and make changes with them in mind. With the support of our expert teams and our investments in technology, we are once again showing our commitment to the secondary market space and the wider real estate landscape.