Shawbrook products offer flexible terms from 3 to 25 years, 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, so clients have the option to pay down or pay off the loan at any time.
These products will help to open up the secured loan market in 2013, making it easier for individuals that are looking for a viable alternative to remortgaging, to take advantage of a secured loan. This will enable them to leave their first mortgage in place without compromising their existing mortgage benefits.
Shawbrook have previously announced their intention to stay firmly focused on product innovation and hope that this introduction will prompt other lenders to follow suit and increase LTVs and reduce rates, further stimulating a strong and healthy competitive environment with more choice for the borrower.
Maeve Ward, Head of Sales, Secured Lending at Shawbrook Bank said:
“We have big plans for 2013 and will continue to introduce new and competitive products to open up the market and bring more choice to the customer. As a highly capitalised lender we can achieve our growth plans to drive the market and help new clients.
"We value the relationship that we share with our broker partners and their input has been integral in shaping our new products to ensure that they meet the true needs of the client. We will continue to work closely with them to enhance our product offering and services.
"We are proud to maintain our position as market leader, but we never rest on our laurels and constantly look at how we can improve our products and service.
It is exciting that the market is so buoyant and as market leader we are delighted to see increased activity from both new and existing lenders. We are committed to driving the market forward, ensuring there is an array of competitive products available for the client to choose from."
Dave Pinnington, business development director at V Loans, says:
“Lenders haven’t done enough to help high LTV borrowers over the past few years and many mortgage brokers are becoming increasingly frustrated with the lack of high loan to value products currently available, especially to those who are looking to remortgage. However, Shawbrook Bank is aware of how much demand there is from the borrowers who have been completely ignored by the high street and it is to these borrowers that Shawbrook has consistently demonstrated its commitment.
“The 10% uplift in LTV is important as it offers more choices to those who are either unable to switch lenders or simply don’t want to. With these new product enhancements, homeowners could still keep their current mortgage deal in place whilst still raising the equity should they need to consolidate their debts or make home improvements.
“We have witnessed a strong start to the year, with a lot of positive announcements for the broker market. Borrowers now have access to the best products seen for many years and the strong product innovation will only progress from here on in and will continue to push the market forward into the mainstream."
