Shawbrook pauses second charge mortgage lending
The Bank said it would communicate with broker partners to keep them up to date with developments.
"We will be honouring our application pipeline cases and have let our brokers know of the necessary timelines in order to complete these deals."
Shawbrook Bank has announced that it is pausing new lending across its second charge mortgage offering.
The lender said it is currently "reviewing a number of initiatives relating to our second charge mortgage proposition".
Shawbrook confirmed that it will honour its application pipeline but that no binding mortgage offers will be issued or reissued after 7th July.
All offers issued until 7th July will have an expiry date of 26th July and all cases must complete before 5:30pm on that date.
Emma Cox, MD of real estate at Shawbrook, said: “This morning we let brokers know that we would be pausing any new lending on our second charge mortgage offering. We are reviewing a number of initiatives relating to our second charge mortgage proposition and will be communicating with our broker partners to keep them up to date with developments.
"We will be honouring our application pipeline cases and have let our brokers know of the necessary timelines in order to complete these deals.”
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