THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
* subject to an underwriting and affordability assessment
*Subject to lending criteria
**At the end of the Fixed Rate Period the interest rate will change to a variable interest rate, which may be varied at the discretion of Shawbrook Bank.
If you're not sure what a second charge mortgage is, or how the application process works, please watch this short informative video.
Whilst second charge mortgages are most commonly used for consolidating debt or home improvements, there are in fact many purposes for this finance:
Contact us today, and with your consent, we will transfer you to one of our trusted mortgage broker partners. The broker will research the whole second charge mortgage market and if Shawbrook has the best deal for you, they will charge a discounted broker fee*.
* This offer only applies to Shawbrook second charge mortgage applications
A second charge mortgage of £49,825.00 repayable over 288 months, with a fixed borrowing rate of 5.85% per annum for the first 60 months, followed by 228 months at Shawbrook's variable interest rate (currently 5.45%). This would require 60 monthly instalments of £322.34, followed by 228 monthly instalments of £312.39.
The Total amount payable would be £94,510.32 made up of the amount borrowed (£49,825.00) plus interest £44,565.32, consisting of broker fees £3,395.00, lender fee £395.00, banking disbursement fee £35.00 and discharge fee £120.00 (made on final repayment).
The overall cost for comparison is 6.7% APRC Representative.
The actual rate available will depend on your circumstances. Fees may vary. Ask us for a personalised illustration.
Last updated: 1 July 2021
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