Shawbrook cuts 55 Plus interest-only rates

Rates will now be available from 4.75% variable, 5.00% for a three-year fix and 5.50% for five-year fixed rates.

Upon launch, the range featured products up to 50% LTV with variable rate terms from 5.25% and three and five-year fixed rates from 5.50%.

Shawbrook's 55 Plus range was launched earlier this year to help the £1.3m customers affected by interest-only finance in the UK – 65,000 set to reach maturity each year.
 
Maeve Ward, Managing Director of Residential Mortgages at Shawbrook Bank, commented: “It gives me great pleasure to be able to lower the rates on our 55 Plus mortgage. This shift reflects our increased appetite to offer a much-needed lifeline for customers approaching the end of their existing interest-only mortgage with a large outstanding balance to pay, who wish to avoid downsizing.

"Not only that, the 55 Plus mortgage also provides a helping hand to those who want to raise finance now, but where their savings are tied up. Our no early repayment charges policy means that people can raise the money they require now, and pay it back as soon as their savings and investments become available, all without charge. Great for parents looking to help their children onto the property ladder or invest in a business opportunity.”