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Do you expect to see less or more second charge mortgage lenders in 2018?

Shawbrook partners with packager for over 55s mortgage offering

The product – announced in March – is targeted at borrowers who are nearing the end of their existing interest-only arrangement, but have an outstanding balance.

The Loan Partnership will now provide a packaging service for the new offering.

Andy Pelley, director of the Loan Partnership, said: “We were delighted to be approached by Shawbrook Bank to package their new product … [and] have worked hard at expanding our product offering to our broker network.

“We expect this product to be extremely well received by our introducers and look forward to packaging our first batch of applications.”

The FCA has estimated that 600,000 interest-only borrowers will see their mortgages mature before 2020.

Shawbrook launched its new product to meet this demand.

Maeve Ward, managing director of residential mortgages at Shawbrook Bank, added: “Since we launched the ’55 Plus Interest-Only Mortgage last month, we have been really pleased to see the large demand in the market for the product.

“To make sure that we can continue to deliver the high levels of service to our introducers, it made perfect sense to appoint a packager who knows our business inside out and has always demonstrated a high level of understanding of our packaging and processes.”

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