Legal & General and Shawbrook team up for new product...

Legal & General Mortgage Club has added two Shawbrook Bank products to its lending panel.

The products cater for second charge and later life borrowers who might need to pay off a balance on an existing interest-only mortgage or those looking to raise funds for retirement.

The first product, part of Shawbrook’s Prime Second Charge Mortgage Range, is available for applicants up to 80 years old with rates from 3.40% + base rate and up to 95% LTV.

The product also benefits from no Early Repayment Charges (ERCs) and free and flexible overpayments.

Additionally, the new Shawbrook Bank 55 Plus Interest-Only product is now available for borrowers up to the age of 85 and offers terms of 5-15 years with variable rates from 4.75% and fixed rates from 5%.

“We are really proud to announce our latest partnership with Shawbrook Bank, a very welcome addition to Legal & General Mortgage Club’s lender panel,” says Danny Belton, head of lender relationships at Legal & General Mortgage Club.

“Shawbrook’s innovative and competitive products will support our second charge and Later Life lending propositions and we look forward to working closely together and strengthening our development in these growing market sectors.”

Maeve Ward, Shawbrook’s managing director of residential mortgages, adds: “We’re excited to have launched these products with Legal & General Mortgage Club.”

“Shawbrook is committed to supporting customers with a variety of borrowing needs and hope that these products will enable more brokers to find the right mortgage for their customers.”