Loans Warehouse has completed its first loan on Shawbrook Bank’s new Larger Loan plan by arranging a secured loan for £190,500 to be used to renovate a property.
The 16-year term loan is secured on a £2.7 million detached property located in Maidenhead. The client was introduced to the secured loan master broker by an independent mortgage adviser and was placed on Shawbrook Bank’s Platinum product.
The customer had a £1 million interest-only mortgage and approached his mortgage lender for an advance. However, his bank would only allow him to borrow if he opted for a complete re-mortgage. The client knew that losing the interest-only facility would add unnecessary extra costs and therefore, wanted to protect it. He was advised a secured loan would offer a better alternative as they are not tied to the longer term of a mortgage.
Matt Tristram, joint managing director of Loans Warehouse said: “As more mortgage holders are becoming increasingly restricted in their options, we are seeing an increase in demand from high-net worth borrowers looking to raise capital from their property.
“When it comes to advising on the best way to raise capital, advisers should really be considering the options a secured loan can provide.”
“By taking a secured loan with Shawbrook, the client had the flexibility to complete the renovations whilst leaving his attractive mortgage in place,” said Maeve Ward, head of secured lending at Shawbrook Bank.
“Loans Warehouse and Shawbrook work closely to manage their client’s expectations and deliver a quick and efficient service. Brokers are at the heart of our business and we work in partnership to continually improve our products and systems.”