Shawbrook uses a reference rate for determining the interest rate on certain of our products. For some of these products, we use “Term SONIA” (also known as “Term SONIA Reference Rate” or “TSRR”). There are a number of approved providers of the Term SONIA Reference Rate, and the current provider we have chosen is set out below.
The Reference Rate Administrator we are currently using to provide Term SONIA is ICE Benchmark Administration Limited.
For further information regarding Term SONIA and ICE Benchmark Administration Limited, please refer to the following sources:
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.
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.
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: