Second Charge Lending
Shawbrook cuts rates on second charge products
Shawbrook Bank has cut rates across its second charge range by up to 0.8 per cent and also reduced its minimum eligible property value.
The reductions apply to second charge loans between 65 per cent and 85 per cent loan to value.
Fixed rates will start at 4.2 per cent and variable rates from 3.8 per cent.
The minimum property value has been reduced to £70,000.
“We’ve listened carefully to brokers and our rate changes reflect this,” said Caroline Mirakian, head of intermediary distribution at Shawbrook (pictured).
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“We hope they will assist brokers to provide choice to customers, particularly where a second charge may be a suitable alternative to a remortgage or further advance.”
The bank’s second charge range already offers no early repayment charges, a flexible automated valuation model and access to an underwriter.