According to a broker note, the lender is “reviewing a number of initiatives” relating to its second charge mortgage proposition and more news will be forthcoming in the near future, but it will no longer accept new applications.
Shawbrook continued that it was honouring its application pipeline but said no binding mortgage offers will be issued or reissued by 7 July.
It noted that all BMOs issued after today until 7 July will have an expiry date of 26 July and all cases must complete before 5:30pm on the latter date.
The lender apologised for any inconvenience this would cause to brokers.
Emma Cox, managing director of real estate at Shawbrook, said: “This morning we let brokers know that we would be pausing any new lending on our second charge mortgage offering. We are reviewing a number of initiatives relating to our second charge mortgage proposition and will be communicating with our broker partners to keep them up to date with developments.
“We will be honouring our application pipeline cases and have let our brokers know of the necessary timelines in order to complete these deals.”
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