Shawbrook Bank has announced that it is reducing its rates across its second charge range in a bid to improve its offering.
Fixed rates will now start from 4.20%, with variable rates from 3.80%, on second charge products with LTV bandings between 65% and 85%.
The specialist bank has also lowered its minimum property value to £70,000.
“Throughout 2019, we have been listening very carefully to our broker partners and we believe that the recent rate changes reflect this,” said Caroline Mirakian, head of intermediary distribution at Shawbrook Bank (pictured above).
“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.”
Shawbrook recently revealed improvements to its second charge offering, including no ERCs, all adverse ignored after 12 months, a flexible AVM proposition and direct access to an underwriter.
Matt Lenzie from Commercial Mortgages Broker said: “this is fantastic news for borrowers who may be feeling the pinch, these types of facilities enable borrowers to draw down quickly and efficiently using the Shawbrook platform. The second charge market has really burst into life in the past six-twelve months, with new improvements and changes introduced.