Second Charge Enhancements from Shawbrook

Posted by Marketing on August 7, 2019

 Shawbrook have made the following enhancements to their second charge range:

  • Introduced a new contractor policy - lending up to 95% LTV, any industry considered, first time contractors accepted, daily rate x 5 x 48 weeks
  • Refined their affordability model which means that more cases should "pass", giving you more confidence in submitting business 
  • Bank statements are not required for affordability purposes with the exception of when a customer would like to consolidate greater than £35,000 of unsecured debt and they have more than £1,000 disposable income per month, which means no more line-by-line assessment
  • Removed the minimum income requirement of £16,500
  • Simplified credit score with a minimum of 350 for all plans, and 375 for debt consolidation (includes any secured or unsecured credit being repaid) 
  • Increased LTI of 6x, up to 85% LTV with a LTI of 4.5x between 85.01% and 95% LTV
  • Removed the LTV restriction when lending on ex-council houses
  • Reduced minimum time in employment from 6 months to 3 months
  • Increased the maximum loan term from 25 to 30 years
  • Reduced their self-employed bank statement requirement from 3 months to just the latest month's business bank statement
  • 100% child benefit accepted - where the child is no older than 12 years old when the Binding Mortgage Offer is issued
  • Lending up to and into retirement (maximum age for all applicants at the end of the loan term is 85 years) Acceptable explanations for repaying the loan past 67 years old include: Downsize in property, Pension income, Additional BTL properties that may be sold, and/ or that generate income
Call TFC now to find out more.