Shawbrook have a market update, please see below. Contact us to see how you can benefit from our support or contact Shawbrooks Sales Team here.
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Announcement
Our Second Charge rates are increasing
‘m writing to inform you of some upcoming changes across our Second Charge mortgage proposition. The following changes will be effective from Thursday 14th July 2022:
- Removing our Large Loan Limited Edition product
- Increasing our prime rates, which will start from 4.60%
- Aligning our arrangement fee with the market, which will increase to £795
Pipeline: All existing applications entered before 5.30pm on Wednesday 13th July 2022 will be honoured on the previous rates, providing the case completes by 5.30pm on 31st August 2022.
Please be assured that we do not take these pricing decisions lightly, and we will do our utmost to minimise the impact to your customers. We’re committed to providing an excellent service and we are pulling out all the stops to ensure that we are processing your cases as quickly as possible. To do this, we will be prioritising fully packaged cases so please provide all the documents required on a case as soon as possible.
Our updated product guide will be available on Thursday to reflect these changes, but the rest of our second charge offering remains unchanged. We’ve worked hard to improve and simplify our second charge proposition following feedback, to reaffirm our dedication to providing a competitive offering within the market and making us easier to do business with. However, as interest rate rises become more commonplace, this unfortunately won’t be the last time I will write to you about this, as we continue to monitor and respond to the market.