With its continued focus on product innovation, Shawbrook has introduced the change to its Platinum product based on feedback from brokers, who have seen uplift in demand from high net worth customers who are locked into an existing mortgage arrangement or want to avoid remortgaging as it could mean losing their current mortgage benefits.
The increased loan size ceiling will enable clients to raise capital without being tied into a fixed-term arrangement because of the flexibility of the secured loan product. The product includes all the benefits of a Shawbrook loan, such as the facility to make monthly or lump sum overpayments without penalty; and a transparent early repayment notice period of only 28 days with a £195 fee, allowing clients the freedom to pay down or pay off the loan at any time.
Maeve Ward, Director of Secured Lending at Shawbrook Bank said:
“It’s been a really interesting year for the secured lending market, with significant growth in demand, as mortgage holders are increasingly restricted in their options to raise capital from their property. This could be for anything from a major home improvement to a restoration.
“We’re very proud at Shawbrook to have grown such a prominent share of the market since we launched last year. Our aim is to be constantly ahead of the curve, listening to our brokers and the market and adapting our products so they are always fit for purpose and meet the needs of our clients. We believe secured lending will become increasingly popular as clients seek a viable alternative to remortgaging, and we’re confident Shawbrook’s enhanced Platinum product will enable our broker partners to help more clients currently caught in the mortgage trap.”
