L&G Mortgage Club to offer Shawbrook second charge mortgages

Legal & General Mortgage Club has partnered with Shawbrook Bank to offer a range of second charge and later life products to its mortgage panel.

Shawbrook’s Prime Second Charge Mortgage Range is available for applicants up to 80-years old, with rates from 3.40 per cent, plus base rate, and up to 95 per cent LTV.

The products come with no early redemption charges and free and flexible overpayments.

L&G members will also have access to Shawbrook’s 55 Plus Interest-Only product. This may be suitable for those who need to pay off a balance on an existing interest-only mortgage, or looking to raise additional funds for retirement.

The mortgage is available to borrowers up to the age of 85. It is available for terms of between five and 15 years.  Variable rates start from 4.75 per cent, and fixed rates from 5 per cent, depending on term and LTV.

L&G Mortgage Club’s head of lender relationships Danny Belton described Shawbrook Bank as a “welcome addition” to its lending panel.

“Shawbrook’s innovative and competitive products will support out second charge and later life lending propositions, and we look forward to strengthening our development in these growing market sectors.”

Shawbrook Bank’s director of residential mortgages Maeve Ward says: “Shawbrook is committed to supporting customers with a variety of borrowing needs. We hope these products will enable more brokers to find the right mortgage for their customers, particularly older borrower, so they can enjoy a more comfortable retirement.”



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