Shawbrook Bank partners with AToM on 55 plus interest only mortgages

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Maeve Ward

Shawbrook Bank has announced a new partnership with award-winning specialist AToM (All Types of Mortgages) to provide a packaging service for their ’55 Plus Interest-Only Mortgage’. The product offers a new solution to borrowers aged 55 or over nearing the end of their existing interest-only arrangement, with an outstanding balance.

Through this partnership Shawbrook will be further improving the finance options available to those approaching or past retirement age. This could not have come a moment sooner, with a recent report by the Building Societies Association and Longevity Centre (May 2017) concluding that borrowing into retirement is likely to double by 2030 and ‘today’s niche market is tomorrow’s mainstream’.

Maeve Ward, pictured, Managing Director of Residential Mortgages at Shawbrook Bank commented:

“Partnering with AToM to offer our ‘55 Plus Mortgage’ is fantastic news, especially since the launch of their new ‘AToM Together’ system – the first on the market to offer fully automated functionality. The new integrated system offers brokers a decision in principle and generates an ESIS based on an actual decision, not an indicative one – speeding up cycle times, helping brokers to offer an even better service to their customers”.

Dale Jannels, Managing Director of AToM explained:

“Like AToM, Shawbrook looks to lead the market in offering innovative solutions. This is true of the ’55 Plus Mortgage’. Not only does it offers a genuine alternative to equity release and other retirement finance products, but also lends a hand to a much beleaguered section of society, who are so poorly served by the high street. Add this to our new broker friendly system and we are delighted to be the first Packager to offer a full first charge integration option, with Shawbrook. We look forward to working closely with Maeve and the team to promote this great product offering to our brokers through AToM Together”.