The 9th of April sees the launch of a market leading second charge buy to let product from Shawbrook Bank. This new product will help customers raise finance against their residential investment property.Shawbrook is blazing a trail in the secured lending market by offering ‘best in market’ rates from 9.95%. And as with all Shawbrook secured loans, customers can also benefit from making monthly or lump sum overpayments without penalty.
The bank have said that, by working closely with its broker partners, it has been able to understand the real needs of clients and meet this demand through an array of competitive product and service innovations.
In this case their brokers identified a gap in the market where customers wanted to raise additional equity without having to remortgage, however were not attracted by the current unattractive rates or the cumbersome ERCs currently offered in the market today.
Maeve Ward, Head of Sales, Secured Lending, Shawbrook Bank states:
“I am thrilled to be able to announce another new product to add to our secured loan range. This new product means that our valued broker partners can offer their clients flexibility and the opportunity to raise capital whilst leaving their existing mortgages in place.
We are proud once again to be driving the secured loan market forward by providing the benchmark for ‘best in market’ rates. We hope that this, along with our other recent market innovations will ensure that 2013 will be the best that the secured lending industry has seen in recent times.”
Matt Tristram, Managing Director at Loans Warehouse, commented:
"We're delighted to see the biggest secured loan lender in the UK launch a BTL range, the product itself is the cheapest of its kind and the first sub 10% BTL product we've seen since the credit crunch. If Shawbrook Bank can do for BTL secured loans that they have done for residential lending in the last 18 months, there is a very bright future."