The 16-year term loan is secured on a £2.7m detached property located in Maidenhead. The client, introduced to Loans Warehouse by an independent mortgage adviser was placed on Shawbrook Bank’s Platinum product, which has recently been extended after brokers reported a surge in demand from high net worth individuals.
The customer had a £1m interest-only mortgage and approached his mortgage lender for an advance. However, his bank would only allow him to borrow if he opted for a complete re-mortgage. The client knew that losing the interest-only facility would add unnecessary extra costs and therefore, wanted to protect it. He was advised a secured loan would offer a better alternative as they are not tied to the longer term of a mortgage.
Matt Tristram, joint managing director of Loans Warehouse said:
“As more mortgage holders are becoming increasingly restricted in their options, we are seeing an increase in demand from high-net worth borrowers looking to raise capital from their property. When it comes to advising on the best way to raise capital, advisers should really be considering the options a secured loan can provide.
Maeve Ward, Head of Secured Lending at Shawbrook Bank said:
“By taking a secured loan with Shawbrook, the client had the flexibility to complete the renovations whilst leaving his attractive mortgage in place. Loans Warehouse and Shawbrook work closely to manage their client’s expectations and deliver a quick and efficient service. Brokers are at the heart of our business and we work in partnership to continually improve our products and systems.”
