Secured loan rates hit new low

Following specific feedback from our broker partners, Shawbrook is pleased to announce that it has enhanced its Platinum secured loan products. 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 Bank are pleased to announce with immediate effect the following changes:

Platinum

- Increased maximum advance to £125,000 (gross loan)

- Reduced the rates for employed applicants by 1%

- Increased the DTIR for employed applicants to 42.5%

- Commission payable 0.5%

- Score increased to 450

Plus Plan

- Rates increased on the 80% and 85% LTV plans

- Score has increased to 425

- Advance size reduced on the 72-75% LTV plan to £40,000

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.”

Sam Busfield, Company Director at Loans Warehouse, said:

"Shawbrook Bank are continuing the trend they started with their re-launch in 2011 of being at the forefront of the secured loan industry. Irrespective of the climate, clients are still rate conscious so the reduction to 6.9% is fantastic news for both clients and introducers.
 
"By consistently looking at ways to enhance their product range, Shawbrook Bank are proving that they are serious about wanting to be the lender of choice for a lot of brokers and to keep pushing secured loans forward. Competition is key in any industry, so a reduction in headline rate and an increase in their maximum loan size means that Shawbrook are more than competing!"