Shawbrook cuts second charge rates by up to 0.80%

Changes have been made to products between 65% and 85% LTV, with fixed rates now starting from 4.20% and variable rates from 3.80%.

In addition, Shawbrook has reduced its minimum property value to £70,000.

Caroline Mirakian, head of intermediary distribution at Shawbrook Bank, commented: “Throughout 2019 we have been listening very carefully to our broker partners and we believe that the recent rate changes reflect this.

"We champion our brokers and value the great work they do – so we hope these changes will assist them in providing further choice to their customers, particularly where a second charge may be a suitable alternative to a remortgage or further advance.”