Shawbrook’s Residential Mortgages team announced that it has lowered the fixed and variable rates on its 55 Plus Interest-Only Mortgage.
With interest-only finance affecting 1.3 million customers in the UK – and approximately 65,000 set to reach maturity each year – the recently launched Shawbrook 55 Plus Mortgage represents the bank's first crucial step into the retirement lending sector.
Maeve Ward, managing director of residential mortgages at Shawbrook Bank, said: “This shift reflects our increased appetite to offer a much-needed lifeline for customers approaching the end of their existing interest-only mortgage with a large outstanding balance to pay, who wish to avoid downsizing.”
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