Rates are being reduced on Shawbrook’s second charge products sitting between the 65% to 85% loan to value bandings, as the specialist lender looks to improve its second charge offering. Fixed rates will now start from just 4.20% and variable rates from 3.80%. In addition to this, Shawbrook have now reduced their minimum property value to £70,000.
These changes follow an already improved competitive second charge offering from Shawbrook that includes no ERCs, all adverse ignored after 12 months, a flexible AVM proposition and direct access to an underwriter.
Caroline Mirakian, Head of Intermediary Distribution at Shawbrook Bank says:
“Throughout 2019 we have been listening very carefully to our broker partners and we believe that the recent rate changes reflect this. We champion our brokers and value the great work they do – so we hope these changes will assist them in providing further choice to their customers, particularly where a second charge may be a suitable alternative to a remortgage or further advance.”