Second charge has soared in popularity in recent years, thanks in no small part to the innovative approach to criteria and product design of the lenders in the field. With this in mind, I’m delighted to announce that, as of today, Shawbrook and Paragon have joined our second charge panel.
Shawbrook and Paragon are among those lenders who are driving the seconds market forward. Find out more about these two new additions and what they can offer you and your clients.
Work with Shawbrook
You now have access to Shawbrook Bank, who is a three time winner of the Moneyfacts ‘Best Secured Loan Provider’ (2015 – 2017).
Not only will you have access to their second charge mortgage range, but also their new 55 plus interest-only mortgage. This offers a solution to older borrowers who need to pay off a balance on an existing interest-only mortgage, or those who are mortgage free but looking to raise funds for their retirement.
Why Shawbrook Bank?
Shawbrook is a specialist bank, offering traditional values combined with modern systems designed with the broker and, ultimately, the customer in mind.
They don’t make their decisions based entirely on computer scores, they’re backed by an experienced team who will assess each case on its merits. This is why in the first six months of 2017, 73% of referrals made to the team were accepted. So if you have a complex case and need a lender who will listen, talk to Shawbrook. They also offer real-time case tracking, as well e-signature that has cut down cycle times to as little as one day in some cases.
Our priority is your customers. This is why they offer free overpayments, as well as no early repayment charges, so your customers never have to feel trapped by their Shawbrook mortgage.
Product Highlights: Second Charge Mortgages
- Rates from 3.99% + base rate
- Variable and fixed rates
- Loans from £3,000 – £1 million (gross)
- Up to 95% LTV
Product Highlights: 55 Plus Interest-Only Mortgage
- Borrowers can be up to the age of 85 at the end of the mortgage term (the main income earner must be aged between 55 – 75 at mortgage inception)
- 5 – 15 year terms
- Variable rates from 4.75%
- Fixed rates from 5.00%
Loans from £25,000 – £1 million (including fees)
Visit their website to find out more
Paragon offers a wide selection of easy to understand second charge mortgages, at competitive rates, to homeowners in England, Wales and mainland Scotland. They provide intermediaries with dedicated support, offering both business relationship managers who are available by phone to answer your general queries and direct access to underwriters should you have case-specific questions.
- Rates from 3.98%
- Variable and fixed rates
- Loans from £15,000 to £500,000 with terms up to 300 months
- Up to 85% LTV
- Initial fixed rate periods from 2 to 5 years
- Terms extendable 5 years past retirement
For full details of Paragon’s second charge mortgages see their Product Guide and Lending Criteria.
If you have any questions or would like to contact Paragon, you can: