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Shawbrook cuts rates on second charge products

Beth Fisher | 14:20 Monday 28th October 2019

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.

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