Shawbrook Bank has announced that it is reducing its rates across its second charge range in a bid to improve its offering.
Fixed rates will now start from 4.20%, with variable rates from 3.80%, on second charge products with LTV bandings between 65% and 85%.
The specialist bank has also lowered its minimum property value to £70,000.
“Throughout 2019, we have been listening very carefully to our broker partners and we believe that the recent rate changes reflect this,” said Caroline Mirakian, head of intermediary distribution at Shawbrook Bank (pictured above).
“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.”
Shawbrook recently revealed improvements to its second charge offering, including no ERCs, all adverse ignored after 12 months, a flexible AVM proposition and direct access to an underwriter.
In September, the bank completed a £20,000 second charge mortgage in nine working days to cover a borrower’s shortfall of funds.
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...