Shawbrook drops rates on 55 Plus Interest-Only Mortgage

By -

Maeve Ward

Shawbrook’s Residential Mortgages team announced today that it has lowered the fixed and variable rates on its 55 Plus Interest-Only Mortgage.

With £1.3m customers affected by interest only finance in the UK – circa 65,000 set to reach maturity each year – the recently launched Shawbrook 55 Plus Mortgage represents the Banks first step into the crucial retirement lending sector. To date, the product has generated significant interest with these pricing reductions set to support this early momentum, and offer a viable way of raising finance to an even wider pool of customers in their later years.

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

“It gives me great pleasure to be able to lower the rates on our 55 Plus Mortgage. This shift reflects our increased appetite to offer a much-needed lifeline for customers approaching the end of their existing interest-only mortgage with a large outstanding balance to pay, who wish to avoid downsizing. Not only that, the 55 Plus Mortgage also provides a helping hand to those who want to raise finance now, but where their savings are tied up. Our no early repayment charges policy means that people can raise the money they require now, and pay it back as soon as their savings and investments become available, all without charge. Great for parents looking to help their children onto the property ladder or invest in a business opportunity”.