The mortgage, which launched last month, is targeted at borrowers who are nearing the end of their existing interest-only arrangement but have an outstanding balance.
The Financial Conduct Authority estimates that 600,000 interest-only borrowers will see their mortgages mature before 2020.
Maeve Ward (pictured), managing director of residential mortgages at Shawbrook Bank, said: “Since we launched the 55 Plus Interest-Only mortgage last month, we have been really pleased to see the large demand in the market for the product. To make sure that we can continue to deliver the high levels of service to our introducers, it made perfect sense to appoint a packager who knows our business inside out and has always demonstrated a high level of understanding of our packaging and processes.”
Andy Pelley, director of The Loan Partnership, said: “We were delighted to be approached by Shawbrook Bank to package its new product. We have worked hard at expanding our product offering to our broker network. We have always offered bridging finance and second charge mortgages, but have expanded to include commercial finance, development finance and packaging of first charge mortgages. We expect this product to be extremely well received by our introducers and look forward to packaging our first batch of applications.”
