Following specific feedback from their broker partners, Shawbrook is pleased to announce that it has enhanced its current secured loan product offering. These products offer a viable alternative to mainstream re-mortgaging, and in many cases enable customers to retain competitive mortgage deals whilst obtaining the shorter term finance they need.
Shawbrook secured loans are only available to home owners and are arranged through brokers. Shawbrook being the lender that listens confirms the changes taking effect from today, Monday the 16th of July.
So what are the changes…?
- Introduction of Self Employed on the Shawbrook 2 offering, – SB 2 caters for 3 units of adverse in the last 12 months
- Shawbrook 3 commission increased to 10% – SB 3 caters for smaller advances, up to 85% with light touch processing AVM up to 85% and no BSQ
In addition to making changes to the products Shawbrook have also addressed the Customer Declaration so that it now calculates the interest on ALL fees over the life of the loan (Lender Fee, TT Fee and Broker Fee). Shawbrook have also rephrased the wording with a view to making the conversation with the customer easier.
Maeve Ward, Head of Sales, secured lending at Shawbrook Bank said:
“Brokers lie at the heart of Shawbrook’s operations; and we are very committed to listening to their feedback. We are confident that the new product features will helps us support the renaissance of the secured loan market.
At Shawbrook we are passionate that secured loans are a vital component of a healthy mortgage market in the UK, and will do all that we can to ensure the specialist brokers and advisors in this market can thrive.”
Alistair Ewing, director, blimey! loans added:
“Shawbrook Bank have once again showed how good they are at constantly looking at ways to improve their products. Any relaxation of lending terms for the self employed is a very welcome boost to the recovering Secured Loan market. And of course as a leading packager we are always looking at ways to increase our introducer fees – so the increased commission they are now paying on Shawbrook 3 will definitely help there!”
Matt Tristram, director, Loans Warehouse said:
“Shawbrook continue to bring improvements to an already market leading range of products, what is especially encouraging about today’s changes are its improvement to their higher LTV loans and those available to the self employed.”