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- Shawbrook launches buy-lo-let secured loan
11th April 2013
Landlords and property investors can borrow at a rate of 9.95% using their buy-to-let property as collateral.
Borrowers can make monthly or lump sum overpayments without being charged a penalty.
Shawbrook Bank created this product after noticing there was a gap in the market for a product that allowed landlords to raise extra money without having to remortgage.
Maeve Ward, head of sales for secured lending at Shawbrook Bank, said: “This new product means that our valued broker partners can offer their clients flexibility and the opportunity to raise capital whilst leaving their existing mortgages in place.”
“We are proud once again to be driving the secured loan market forward by providing the benchmark for ‘best in market’ rates. We hope that this, along with our other recent market innovations, will ensure that 2013 will be the best that the secured lending industry has seen in recent times.”