Shawbrook Bank is a specialist UK savings and lending bank founded in 2011. Shawbrook operates in a range of markets including savings, business finance, property finance and personal loans.
Shawbrook Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Topics
Secured Loans
A second charge mortgage – also known as a secured loan – is a good option for customers who’d like to borrow money without re-mortgaging their home. This type of loan is secured against the customer’s property and can be used for a variety of purposes.
Shawbrook Bank makes loan decisions using both in-person teams and technology when it comes to their customers applications for loans, so that they can be as flexible and helpful as possible.
Customers can borrow from £5,000 to £500,000 for up to 30 years depending on what loan they agree to take out. Fixed and variable rates are available on specific loans.
A representative example offered by Shawbrook Bank is a second charge mortgage of £49,825.00 repayable over 288 months, with a fixed borrowing rate of 5.85% per annum for the first 60 months, followed by 228 months at Shawbrook’s variable interest rate (currently 5.45%). This would require 60 monthly instalments of £322.34, followed by 228 monthly instalments of £312.39.
The total amount payable would be £94,510.32 made up of the amount borrowed (£49,825 plus interest of £44,565.32, consisting of a broker fee of £3,395, lender fee of £395, banking disbursement fee of £35 and a discharge fee of £120 (made on final repayment).
The overall cost for comparison is 6.7% APRC representative.
The actual rate available will depend on the customer’s circumstances. Fees may vary.
Their mortgage products are available via a network of independent brokers – these are professionals whose job it is to try and secure the best deal for the client when speaking with a lender.
The customer’s must be presented by an approved broker, Shawbrook are happy to discuss a project over the phone or answer questions via email.
Shawbrook Bank’s maximum Loan-to-Value currently is 85%.
The amount that they can lend to a customer will depend on several factors. These include;
- The value and the saleability of the customer’s property
- The customer’s income and any other credit and loan commitments that they have
- The customer’s credit history and how long they have lived in the property
The minimum you can borrow from Shawbrook Bank on this loan is £5,000 with a minimum loan term of three years. The minimum property value is £70,000.
They also lend to self-employed applicants providing they have been self-employed for at least 12 months.
Other Financial Services
Shawbrook also offers a range of other loans in business finance, property finance and personal loans.
Personal Loans
Shawbrook offers guaranteed rates for any customer who wants to take a loan out with them. They offer loans from £1,000 to £30,000 with loan terms from one to seven years.
When you apply for a quote with Shawbrook, they’ll ensure you receive the rate you actually pay. They also use soft credit searches to ensure that getting a quote won’t impact your credit score.
Car Loans
With Shawbrook the customer can borrow from £1,000 to £30,000 with flexible loan lengths up to seven years.
When the customer applies for an instant car loan quote with Shawbrook, they’ll give a guaranteed rate based on the customer’s circumstances.
They will also use a soft credit search so that applying for a quote won’t affect the customer’s credit rate.
Wedding Loans
Wedding loans are available with Shawbrook from £1,000 up to £30,000. Their loan length allows their customers to spread the cost of the loan for up to seven years.
Shawbrook’s wedding loans are available as a joint or individual loan, depending on what works best for the customer.
All loans are subject to status and the interest rate offered will vary depending on the customer’s financial circumstances and the amount the customer wishes to borrow – for this reason, Shawbrook doesn’t offer a wedding loan calculator on their website.
Debt Consolidation Loans
Shawbrook has a simple application for customers wishing to take out a debt consolidation loan and they will receive a guaranteed rate upfront.
Shawbrook offer loans from £1,000 to £30,000 with flexible loan terms of up to seven years.
Instead of using loan calculators, Shawbrook offer a guaranteed rate through their quote tool. This provides a breakdown of the customer’s repayment costs based on the actual APR they’re eligible for.
As with their other personal loans, applying for a quote will not affect the customer’s credit score.
Point of Sale Loans
Shawbrook works with a network of partners in the home improvement and holiday ownership industries to provide finance options for their customers. These usually include interest-free and interest-bearing finance option to help spread the cost of a larger purchase.
Shawbrook Bank Reviews and Ratings
Shawbrook Bank has received excellent reviews across sites such as Trustpilot, Feefo and Smart Money People. A large number of people have left reviews across these sites improving the representative opinion of their services.
Shawbrook Bank has a very active Facebook page which has been liked by 472 people and is followed by 550 people.
They also have an active Twitter account which is followed by 5,738 followers.
Many customers have praised how easy and simple the processes are with Shawbrook Bank and have received customer service they’ve been satisfied with.
Some customers have been frustrated with the length of time it has taken for procedures to get completed.
Trustpilot – 4.5/5 (Based on 1,786 reviews)
Feefo – 4.9/5 (Based on 210 reviews)
Smart Money People – 4.9/5 (Based on 677 reviews)
Pros
- Lots of different loan types available
- Guaranteed rates for loans
- Very positive reviews
- Competitive interest rates
Cons
- Limited information regarding timescales
- Some other finance companies are able to offer more money as a loan
If you’re looking to compare offers on secured homeowner loans, then let HouseholdQuotes help you find the best loan available for you!
Click To Get QuotesFor more information on home improvement loans, read our guide.