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Shawbrook offers second charge BMO within 24 hours of submission

26 June 2018
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In April 2018, Shawbrook’s Residential Mortgages team helped a couple from Merseyside raise £35,000 to consolidate their credit commitments, saving them £311 per month in repayments. Thanks to the expert packaging from our brokers Freedom Finance, the Shawbrook team were able to issue a Binding Mortgage Offer (BMO) within 24 hours from submission of the pack.

By taking a second charge, rather than re-mortgaging, the couple were able to avoid paying early repayment charges. However, once out of their chargeable period, the couple plan to re-mortgage their total debt under one charge, demonstrating that a second charge can provide a useful stepping stone for customers looking to manage their finances.

Melanie Baguley, Freedom Finance comments: “I submitted this case to Shawbrook and within 24 hours the applicant had received his BMO. Minimum fuss and excellent communication from the Residential Mortgages team at Shawbrook. Happy broker and customer”.

Jeremy Law, Managing Director – Residential Mortgages adds: “This case highlights how a second charge mortgage can be a stepping stone for customers looking to rehabilitate their finances over the longer term. I am also delighted that Shawbrook, alongside Freedom Finance who provided excellent packaging, could give the customer such a positive experience”.

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