Shawbrook has reduced the rates across its second charge mortgage offering.
This change applies to products with an 85% loan-to-value (LTV), with rates now starting from 6% on loans from £5,000 up to £150,000.
The updated rates apply to variable, 2-year fixed and 5-year fixed mortgages. Previously, customers could have expected 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 bring a limited-edition 5-year fixed large loan to market. For loans over £100k, customers can expect a rate of 4.55%, up to 75% LTV. Rates on second charge mortgages, up to 75% LTV, remain the same.
As well as these product enhancements, Shawbrook has been working hard behind the scenes to simplify its second charge mortgage lending criteria.
From today, it has eased requirements for documentation and simplified income criteria.
Gavin Seaholme (pictured), head of bridging and second charge at Shawbrook, said: “Changes to our second charge mortgage offering reaffirms Shawbrook’s dedication to providing a competitive second charge proposition.
“The message for us is simplification, and we are making the process from application to completion as straightforward as possible for brokers and customers.
“We have open channels of communication with our customers and key broker partners from which we have been able to evolve our proposition and make changes with them in mind.
“With support from our expert teams and investment in technology we are once again showing our commitment to the second charge market space and the wider property landscape.”
