The range will be aimed at borrowers who have circumstances which exclude them from mainstream mortgage lending criteria.
The bank, more widely known for its bridging, commercial and second charge mortgages, is branching out into first charge mortgages under the stewardship of Maeve Ward (pictured). Ward was formerly the sales and operations director for second charges and was appointed as managing director of residential mortgages in July.
In an interview with Mortgage Solutions about her expanded job role and her strategy for the newly-created division, Ward talked about her plans for the new mortgage range which is expected to be available from quarter one next year.
“We’re designing products for underserved consumers such as homeowners who are currently mortgage free, borrowers who may have been declined on age, those with a failed credit score or someone who has had late payments on credit cards,” she said.
“This type of borrower profile is more suited to a second charge lender so we thought, why not offer them a first charge.”
The suite of products which is still in a ‘test and learn’ stage is currently being labelled as the Complex Mortgage range but that, along with the product features, may change before the range hits the market next year. “This is very much a feedback-led process,” said Ward. “We’re working with a team of mortgage brokers to figure out exactly what the products should look like.”
Ahead of the complex mortgage launch next year, Shawbrook is developing a later life mortgage range which is still being designed. The products will be aimed at borrowers aged 55 and over with a cap at 80 years old at the end of the term and is expected to be ready later this year.
Read the full interview with Maeve Ward on Mortgage Solutions’ sister title Specialist Lending Solutions next week.