Although the borrower was a profitable business owner with strongly-evidenced income over a number of years and an excellent credit rating, most of their income was spent on servicing their credit card debt and several separate loans.

The accruing interest made it especially difficult to reduce their outstanding balance and work towards clearing their debt.

The client’s broker Specialist Homeowner Finance approached Shawbrook with the case and agreed a loan of over £395,000 at 66% LTV on the bank’s platinum product with a five-year fixed term.

This deal cleared the outstanding debt and consolidated the client’s monthly repayments into one £3,227 sum.

Tina Carling, broker at Specialist Homeowner Finance, said: “Irrespective of their expensive monthly repayments, this customer could clearly demonstrate a strong financial profile with a high income over a number of years.

“The service that Shawbrook provided – both in our everyday contact and also the efficient way the application progressed – pleased the customer and made it a pleasure to work with such a forward-thinking lender.”

Maeve Ward, managing director of Shawbrook Residential Mortgages (pictured above), added: “Clearly, this customer had a trustworthy profile and was being poorly served by their existing finance options.

“By taking out a second charge mortgage with Shawbrook Bank, the customer was able to achieve their goal of reducing their various monthly outgoings into one consolidated payment.

“This provides not only much-needed peace of mind, but also an achievable long-term strategy to help clear their commitments.”

The announcement follows news that Shawbrook’s buy-to-let originations dropped by 12% in the first quarter of 2017 compared with Q1 2016.

The bank said these figures significantly outperformed the contraction in the market following a surge in Q1 2016 ahead of the stamp duty implementation.