Shawbrook Bank announces new Packager for ’55 Plus Interest-Only Mortgage

10 April 2017

Shawbrook Bank has announced a semi exclusive deal with The Loan Partnership to provide a packaging service for their new ’55 Plus Interest-Only Mortgage’ product.

The product, announced on 15th March 2017, is targeted at borrowers who are nearing the end of their existing interest-only arrangement, but have an outstanding balance.

The FCA estimates that 600,000 interest-only borrowers will see their mortgages mature before 2020. Shawbrook launched their product to meet this demand.

Maeve Ward, Managing Director of Residential Mortgages at Shawbrook Bank commented “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”.

Andy Pelley, Director of The Loan Partnership explained “We were delighted to be approached by Shawbrook Bank to package their new product. We have worked hard at expanding our product offering to our broker network. We have always offered bridging finance and second charge mortgages, but have expanded to include commercial finance, development finance and packaging of first charge mortgages. We expect this product to be extremely well received by our introducers and look forward to packaging our first batch of applications”.

Mortgage Advisors who want to contact The Loan Partnership can do so by dialing 0800 066 5659.