Shawbrook offers £223k second for green home improvements and consolidation

  • 07/01/2020
  • 0
Shawbrook offers £223k second for green home improvements and consolidation
Shawbrook Bank and its broker partner My Sort of Loan teamed up to help an older borrower transform a property into a sustainable energy home.

The Case
Shawbrook were approached by broker partner My Sort of Loan with a client looking for a second charge loan to consolidate existing debt and fund home improvements. The client required a significant loan size of £223,000, with over £200,000 of this going towards the consolidation of debts. In addition to the irregular loan size, the client had more than ten sources of income made up of two jobs and nine private pensions. Due to the client’s age, the case would be considered as lending into retirement.

Shawbrook’s Solution
The specialist lender’s underwriters worked closely with My Sort of Loan to get their requirements clearly communicated and the necessary documents sent over. The multitude of incomes were expertly handled by the broker and underwriting team, resulting in the client being provided with an offer within the desired timeframe. The client was delighted with the initial offer and once accepted, Shawbrook released the funds at a loan to value of 65 per cent and a rate of 4.65 per cent fixed for five years.

The client saved more than £1,500 a month in repayments and received the full amount of funds needed to complete works.
This included multiple solar panels on the roof, the installation of batteries and a hot water heating system to use the generated electricity, an external electric car charging unit and more – with the hopes to make the home as self-sufficient as possible.

Anna Harvey, broker at My Sort of Loan, said: “The case was a hard one to place as we were very limited to lenders due to the clients age, income and loan amount. With the rate being prime the client jumped at the opportunity to process the loan with Shawbrook, and from then on the application was very efficient and quick.”

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