Shawbrook cuts second charge rates and changes criteria

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  • 07/04/2022
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Shawbrook cuts second charge rates and changes criteria
Shawbrook has cut rates across its second charge mortgage offering and released a limited edition five-year fixed rate large loan product.

The change applies to products with at 85 per cent loan to value (LTV) tier. Rates now start from six per cent on loans from £5,000 up to £150,000 for variable, two-year fixed and five-year fixed rate mortgages.

Customers can now expect rates of six per cent for variable products, 6.25 per cent for a two-year fixed rate, and 6.3 per cent for five-year fixed rate mortgage. This is down from 6.45 per cent, 6.8 per cent and 6.85 per cent respectively.

Shawbrook is also bringing out a limited-edition five-year fixed rate large loan product. For loans over £100,000, customers can secure a rate of 4.55 per cent up to 75 per cent LTV.

The lender said that it had maintained the rate for second charge mortgages up to 75 per cent LTV.

Shawbrook has also changed its second charge mortgage lending criteria by easing document requirements and simplifying its income criteria. The changes come into effect from 7 April.

Gavin Seaholme, head of bridging and second charge at Shawbrook (pictured), said: “Changes to our second charge mortgage offering reaffirms Shawbrook’s dedication to providing a competitive proposition.

“The message for us is simplification, and we are making the process from application to completion as straightforward as possible for brokers and customers. We have communicated with our customers and key broker partners to evolve our proposition and make changes with them in mind.”

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