Shawbrook and Brightstar partner on five working day £94k second charge loan

By Bridging Loan Directory 3rd February 2020

Broker partner, Brightstar Financial, approached Shawbrook with a client looking to consolidate over £94,000 of debt into a far more manageable and lower repayment structure. A second charge mortgage was selected over a remortgage due to the convenience and lack of ERCs. The Shawbrook team worked closely with the broker at Brightstar to get all necessary documentation over to make the process as speedy and stress-free as possible for the customer.

Two days after the case was submitted to the team, a binding offer was issued by the specialist lender. Due to the customer meeting the standards for Shawbrook’s prime range, a 5 year fixed rate of 4.85% for the full amount of £94,000 was provided at a loan to value of 74%

3 working days after the binding offer was issued, the case completed and the customer received the full funds – a total duration of just five working days. Not only was the client delighted with the speed and efficiency of the application process, but their monthly repayments are now over £700 less than before.

Darren Perry, Head of Second Charge Mortgages, Brightstar says:

“Not only were we in a position to be able to secure our clients a market-leading rate but we were also able to get all documents completed by e-Signature. This presented a fantastic opportunity for us to be able to move the application forward at great pace so that our clients could start to make a monthly saving on their unsecured debt repayments ASAP.”

Gavin Seaholme, pictured, Shawbrook Bank says:

“This is another example of the great work of our broker partner Brightstar and how Shawbrook’s product range and application process can assist in meeting the needs of the customer.”