The product provides an interest-only solution for customers, aged 55 or over, who are either looking to extend their mortgage term or capital raise.
It allows customers to remain in their homes for up to an additional 15 years and enables them to raise additional funds for almost any purpose including; landscaping a garden, home improvements or helping a family member onto the property ladder.
The product was previously available to brokers on an exclusive basis via specialist advisers Key Retirement Solutions.
Stephanie Charman, Director of Mortgages at Positive Lending, commented: “We are delighted to be one of Shawbrook’s chosen specialist packagers for their inventive 55 Plus product. With a growing ageing population and statistics showing there are 600,000 interest only mortgages due to mature before 2020, interim solutions for customers which fill the gap before equity release are needed.”
Maeve Ward, Managing Director, Residential Mortgages at Shawbrook Bank, added: “We are thrilled to be working with Positive Lending to offer peace of mind to customers aged over 55 facing the impossible situation of either having to sell their home or use their hard earned savings to settle an outstanding balance from their existing interest-only mortgage.
"Shawbrook’s new 55 Plus Interest-Only Mortgage not only allows customers to remain in their home for up to an additional 15 years and keep their savings in place for longer, but unlike so many high street lenders, we are putting customers first by allowing free overpayments at any time and no early repayment charges on repaying the mortgage in full. This gives our customers the flexibility to repay their mortgage when they choose to.”
