Shawbrook takes its responsibility as a lender seriously so we apply a stressed LIBOR rate when calculating affordability.
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.
We are currently exploring all reasonable alternatives to LIBOR as the basis for calculating interest rates. As is the case with your existing rate, there will be reasons why your new rate may change; for example because of market or economic conditions. We will explain the reasons why your new rate may change closer to the time when the new rate is due to take effect.
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.