Shawbrook has lowered fixed and variable rates on its 55 Plus interest-only mortgage.
Rates now start from 4.75% on variable, 5% on three-year fixed rate products and 5.5% on five-year fixed rates.
The bank recently launched the 55 Plus mortgage as its first step into the retirement lending sector.
So far, Shawbrook has witnessed significant interest in the product, with these latest pricing reductions likely to boost the early momentum.
Maeve Ward, managing director of residential mortgages at Shawbrook Bank (pictured above), said: “It gives me great pleasure to be able to lower the rates on our 55 Plus Mortgage.
“This shift reflects our increased appetite to offer a much-needed lifeline for customers approaching the end of their existing interest-only mortgage with a large outstanding balance to pay, who wish to avoid downsizing.
“Not only that, the 55 Plus Mortgage also provides a helping hand to those who want to raise finance now, but where their savings are tied up.
“Our no early repayment charges policy means that people can raise the money they require now, and pay it back as soon as their savings and investments become available, all without charge.
“Great for parents looking to help their children on to the property ladder or invest in a business opportunity.”
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...