Shawbrook takes its responsibility as a lender seriously so we use a stressed rate when calculating affordability.
We assume an increase to your initial rate, ensuring that, as interest rates rise and as the economy recovers, we are confident that your property will generate sufficient income to cover all of its expenses at that time. As an investment, it is essential the property generates enough income to cover its costs.
Yes. We understand how important it is for you to manage your monthly incomings and outgoings and are happy to help by changing your payment date for you, as long as the change doesn't extend the overall term of your loan.
We would like to help you and your business succeed.
A second charge mortgage, also known as a ’secured loan’ or 'second mortgage' allows you to borrow money, whilst leaving your existing mortgage in place. A second charge mortgage requires you to provide your home as security. This means we take a legal charge over your property, in the same way a mortgage provider does. This will be removed once the loan is fully repaid.
Customers are at the heart of our business, and it is our priority to offer the best outcome possible for your circumstances. Our team and our brokers, have experience of all kinds of personal lending.
All our second charge mortgages are arranged through independent brokers.
Your mortgage adviser will go through a fact finding process with you. This is to understand your financial needs now and in the future and they will also discuss your current income and expenditure, along with any changes that you may foresee. They will then research and evidence the market, after which they will make a recommendation as to which product would be best suited to your circumstances.
It is a reference rate that we use to help to price our customer products. It helps us to pass on changes in the market cost of funding for banks where appropriate.
The Bank of England’s Official Bank Rate, sometimes known as Bank of England Bank Rate (“BBR”), is a policy tool used by the Bank of England to influence the macro economy. It has taken several different forms, which may be more or less representative of the market cost of funds for banks at different periods in history. A description of this can be found here.
For this reason, we do not directly link our products to BBR, but intend to pass on changes that occur in BBR as long as it is representative of changes in banks’ market funding costs.
Shawbrook Base Rate will closely track changes in BBR, except in exceptional circumstances where there is a disconnect between BBR and banks’ market funding costs.
You can find the current Shawbrook Base Rate here.
The regulators of the UK financial services industry will no longer be requiring banks to contribute the data currently used to calculate LIBOR. With this in mind, we expect LIBOR to cease completely at some point during 2021.
No – we will reach our decision based on a variety of factors including the interests of our customers and the expectations of our regulators. This is a complex decision which requires a thorough assessment on our part.
If you have received a letter from us requesting identification documents, the safest way to send them to us is via the app, details of which you will find in the letter that you have received.
If you would prefer not to use the app, please refer to your letter that details alternative ways to submit the documents. If you have any questions, please do not hesitate to contact us: