NewsSecond Charge

Shawbrook unveils second charge binding offers within 24 hours of submission

Shawbrook has offered a second charge binding mortgage offer (BMO) within 24 hours from submission of the packaging from brokers, Freedom Finance, to help a couple in Merseyside save £311 per month in repayments.

Its residential team did so by helping the couple raise £35,000 in April, to consolidate their credit commitments. By taking a second charge, rather than remortgaging, the couple were able to avoid paying early repayment charges.

However, once out of their chargeable period, the couple plan to remortgage their total debt under one charge.

Melanie Baguley, senior underwriter at Freedom Finance, said: “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, added: “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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