Shawbrook completes £223,000 second charge loan
Shawbrook were approached by broker partner My Sort of Loan with a client looking for a second charge loan to consolidate existing debt and fund home improvements. The client required a significant loan size of £223,000, with over £200,000 of this going towards the consolidation of their debts. In addition to the irregular loan size, the client had over 10 sources of income (made up of 2 jobs and 9 private pensions) and due to their age, the case would be considered lending into retirement.
The specialist lender’s underwriters worked closely with My Sort of Loan to get their requirements clearly communicated and the necessary documents sent over. The multitude of incomes were expertly handled by the broker and underwriting team, resulting in the client being provided with an offer within the desired timeframe. The client was delighted with the initial offer and once accepted, Shawbrook released the funds at an LTV of 65% and a rate of 4.65% fixed for five years.
Following the hard work from Shawbrook and their broker partner, the client had saved over £1500 per month in repayments and received the full amount of funds needed to complete the works on their house.
This included multiple solar panels on their roof, the installation of batteries and a hot water heating system to make use of the generated electricity, an external electric car charging unit and more – with the hopes to make their home as self-sufficient as possible.
Anna Harvey, Broker at My Sort of Loan said:
“The case was a hard one to place as we were very limited to lenders due to the clients age, income and loan amount. With the rate being ‘prime’ the client jumped at the opportunity to process the loan with Shawbrook, and from then on the application was very efficient and quick. I found them very helpful and friendly to deal with, nothing was too much hassle and I knew I could call or send a message on DJ and someone was able to help promptly”
Gavin Seaholme, pictured, Head of Sales at Shawbrook said:
“We’re delighted that we could help My Sort of Loan with this case, despite the challenges such as the multiple sources of income that many specialist lenders typically avoid. This case highlights Shawbrook’s flexibility in the specialist space.”