-
Residential
- Rates from 3.60%+ base rate
- 3yr and 5 yr fixed rate options
(from 4.40%) - LTV’s up to 75%
- Loans up to £500,000
CSC say
Shawbrook Bank is one of our most popular lenders. We benefit from having a great rapport with the whole Shawbrook team who are very much a “can do” lender. If an application falls slightly outside criteria but it makes sense, the client is benefitting and more importantly can afford the loan, then Shawbrook will often consider lending.
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Max Loan size
£500,000
Max LTV
95%
Max age at term end
80 (if lending post 70 proof of income into retirement required)
Min / Max Loan term
3 – 25yrs
Annual rates start from
3.90%
Fixed rate available
Yes - 3yrs and 5 yrs available
Interest Only available
No
Lender fee
Typically £0 - £300
Overpayments
Yes. Applicants can make over payments either by changing the direct debt to collect a higher payment per month or alternative by the way of lump sums. Whilst monthly payment stays the same the customers term reduces accordingly. Should the customer wish to cease making over payments they can do so at any time providing they revert back to their contractual monthly payment. Our over payment policy is completely free of charge with no cap on the amount the customer can over pay by and not restricted to a certain percentage in any financial year.
Lend on BTL’s
No
ERC’s
-
£120 Discharge fee
Purpose of loan
Most legal purposes accepted including purchase of second home / overseas property
Coverage
England / Wales / Scotland
-
Residential
- Rates from 4.25%
- 2yr fixed rate option from 4.25%
- 5yr fixed rate option from 4.65%
- LTV’s to 50%
- Loans up to £200k within criteria
CSC say
All their variable rate products track the BBR making it an easy product to explain to applicants. Their entry to the market was well received following their excellent reputation in the first mortgage and bridging markets where they are already well respected.
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Max Loan size
£500k within criteria or £2 million upon referral
Max LTV
85%
Max age at term end
70 (75 upon referral)
Min / Max Loan term
3 – 35 yrs
Annual rates start from
4.2% (rates track Bank Base Rate)
Fixed rate available
Yes for 2, 3 and 5 yrs
Interest Only available
Only for BTL plans
Lender fee
£0-£300 for loans up to £200k. £1,495 up to £350k, £2,495 for £350k+
For BTL plans £495
Overpayments
Yes. A repayment of part of the outstanding balance would mean that either the loan term could be reduced (if the monthly repayment remained the same) or the monthly repayment could be reduced (if the loan term remained the same). Either way, the overall amount of interest charged would be less as a result of a capital repayment.
ERC’s
2 year tracker and fixed: 3%/2% £120 thereafter
5 year fixed: 3%/3%/2%/2%/1% £120 there after
Variable products for loan sizes over £200k: 3%/2%/2%
BTL plans:
Lifetime tracker: 3%/2% £120 redemption administration fee
2 year fixed: 3%/2% £120 redemption administration fee
3 year fixed: 3%/2%/2% £120 redemption administration fee
5 year fixed: 3%/3%/2%/2%/1% £120 redemption administration fee
Purpose of loan
Most legal purposes accepted including deposit for BTL / pay a tax bill / invest in current business
Coverage
Mainland England & Wales ONLY
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Residential
- Rates from 3.37%
- LTV’s to 75%
- Loans up to £500k (more on referral)
- 2yr fixed rate option from 3.54%
- 3yr fixed rate option from 3.65%
- 5yr fixed rate option from 3.83%
BTL
- Currently not available
CSC say
Paragon Personal Finance is a trading style of Paragon Bank. Paragon re-entered the second charge market in 2014 having previously been a prominent lender in the market from 1999 – 2009. As well as having a market leading rate (as at July 2018), Paragon offer a comprehensive range of attractive fixed rate products over 2yr, 3yr and 5yr periods.
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Max Loan size
£500,000 (more on referral)
Max LTV
85%
Max age at term end
Up to 75
Min / Max Loan term
3 – 25 years (30 years for loans above £200k)
Annual rates start from
3.9%
Fixed rate available
Yes, 2, 3 & 5 years
Interest Only available
No
Lender fee
From £345
Overpayments
Paragon allows overpayments without penalty subject to a minimum of £500
Lend on BTL’s
No
ERC’s
Variable: No ERC's
Fixed rates. Loans up to £250,000 - No ERC's apply. Loans >£250,000 and ERC of 1% applies throughout the fixed rate period
Purpose of loan
Most legal purposes other than business, timeshare, tax bill, cosmetic surgery and marital settlements
Coverage
England, Wales and mainland Scotland
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Residential
- Rates from 3.85%
- LTV’s up to 75%
- 5 yr fixed rate option from 4.35%
BTL
- Currently not available
CSC say
Having operated very successfully in the bridging market for a number of years UTB entered the second charge market in the early part of 2015. UTB do not reduce LTV’s on certain property types e.g. ex local authority flats. The fact that they don’t credit score is also a plus point.
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Max Loan size
£400,000
Max LTV
85%
Max age at term end
Up to 85
Min / Max Loan term
3 – 30 years
Annual rates start from
4.05%
Fixed rate available
Yes, 5 years
Lender fee
Between £495 - £895 depending on loan size.
Overpayments
Unlimited overpayments
Lend on BTL’s
No
ERC’s
BoE Lifetime Tracker – None, unlimited over-payments
5 Year Fixed Rate – None, unlimited over-payments.
£125 Redemption/Deeds Release Fee.Purpose of loan
Most legal purposes except business start-up.
Coverage
England, Wales and Scotland
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Residential
Rates from 6.65%
LTV's up to 65%
Loans up to £500,000
5 year fixed rate product from 6.99%
Capital repayment and Intertest only available
CSC SAY
A long established lender who has shown 100% commitment to the second charge market in the most of challenging times. Recent rate reductions and changes in criteria (all adverse over 12 months ignored) will ensure an increase in their market share. Streamlined processing changes at Together now allow a higher percentage of same day completions.
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Max Loan size
£1,000,000 (more on referral)
Max LTV
77.5%
Max age at term end
80
Min / Max Loan term
3 – 30 yrs
Annual rates start from
5.34%
Fixed rate available
Yes, 5 years fixed
Interest Only available
Yes for loan sizes over £25,000
Lender fee
Yes, varies depending on loan size
Overpayments
Yes. Capital Repayments on Together accounts (regulated or unregulated) will be subject to a £75.00 Administration Fee. In addition to this, for unregulated Blemain accounts, the amount of Capital Repayment will also be subject to a pro-rata Early Repayment Charge as applicable to the product. This Early Repayment Charge is collected upon final redemption and will not attract further interest charges.
ERC’s
-
Regulated/CBTL: £150 upon redemption
-
Unregulated due to BTL OR Purpose - 4% / 4% / 4% / 3% / 2% / 1% thereafter
(% charged is calculated on initial balance)
Purpose of loan
Any legal purpose accepted IF loan size is over £25k + more than 50% of the loan is for business purposes then loan is treated as unregulated
Coverage
England, Wales, Scotland
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-
Residential
- Lifetime Tracker from 4.19%
- LTV’s to 70%
- Loans up to £150k (more upon referral)
BTL
- LTV’s to 70%
- Loans up to £300k (more upon referral)
CSC SAY
Masthaven have been in the second charge market now for many years, with them recently receiving Bank status
They offer competitive rates on both residential and BTL products with manual Underwriting and no credit score. Masthaven Bank have a well respected management team who will take a positive approach when an application makes sense and the client is clearly benefitting
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Max Loan size
£750,000 (more on referral)
Max LTV
75%
Max age at term end
85
Min / Max Loan term
3 – 35 years
Annual rates start from
3.84%
Fixed rate available
Yes, 2 and 5 year fixed rates
Interest Only available
Yes – only for loans secured on BTL properties
Lender fee
Yes £495 - £795 on residential plans. 1.5% on BTL plans
Overpayments
Yes. Monhtly overpayments can be made at any time. This will reduce the balance outstanding. For lump sum repayments of £5,000 or more, applicant can request to re-calculate monthly payment
Lend on BTL’s
Yes
-
Max 75% LTV
-
125%-140% rental coverage
ERC’s
-
No ERC's on any residential 2nd charge products
Purpose of loan
All legal purposes except business start up
Coverage
England, Wales, Scotland
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Residential
- Rates from 8.5%
- 3, 5, 7 and 10 year fixed rate option
- LTV’s to 75%
- Loans up to £250k
CSC SAY
Central Loans have just started to offer second charge loans in Northern Ireland. LTV up to 75%, rates from 10% and a maximum loan £250k. Their criteria allows us to consider several sources of income that other lenders don’t. This lender offers low ERC's and lends on most unusual/non standard construction properties. Their commitment to the broker market is reflected in their willingness to work on the last Saturday of each month!
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Max Loan size
£250,000
Max LTV
75%
Max age at term end
80
Min / Max Loan term
3 – 25 years
Annual rates start from
8.5%
Fixed rate available
YES, 3, 5, 7 and 10 year fixed
Interest Only available
No
Lender fee
2% of net loan (min £395 and max £995)
Overpayments
Yes. Applicants can make additional capital repayments, at a minimum of £100, at any time without penalty
ERC’s
£395 discharge fee on all plans
Purpose of loan
Most legal purposes
Coverage
England, Wales, Scotland, Northern Ireland
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Residential
- ‘Bespoke rates’
- Loans up to £1 million
- Up to 95% LTV for employed and self-employed
BTL
- Currently not available
CSC SAY. Although Optimum are relatively new as a lender, they have a very experienced spine to the company made up of Simon Mules, Brian Pope & Craig Collins. Optimum are the first lender to come out with an innovative bespoke rate product, with the rate being chosen once the applicant is scored through the system. As well as competitive rates we are also promised that on the vast majority of Optimum cases a valuation will not be required.
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Max Loan size
£1 million
Max LTV
95%
Max age at term end
70 (75 if not using income)
Min / Max Loan term
3 – 25 years
Annual rates start from
BESPOKE RATES
Fixed rate available
Yes, 1 - 5 years
Also 1 and 2 year discount rates available
Interest Only available
Yes
Lender fee
Start at £495
Overpayments
Yes.
If the customers make a payment of a greater amount than the amount due on their monthly repayment, or if they make a payment in advance of their monthly repayment date (each an overpayment) at any time, the overpayment will be applied to their account firstly in settlement of any arrears and then default charges and then we will treat the remaining overpayment as follows:
If their overpayment is more than one contractual monthly repayment, we will give them the option within 7 days of either being reimbursed the overpayment or applying the amount to the outstanding balance and either reducing the term of the agreement or adjusting their monthly payment accordingly (at their option, to be exercised within 7 days of our giving them notice).
Lend on BTL’s
Not currently
ERC’s
Variable: £95 exit fee
2 year fixed: 3%/1.5% £95 exit fee thereafter
3 year fixed: 3%/2.5%/1% £95 exit fee thereafter
4 year fixed: 4%/3.5%/2%/1.5% £95 exit fee thereafter
5 year fixed: 5%/4.5%/3%/2.5%/1% £95 exit fee thereafter
Discounted products: The ERC will match the discount provided during that period
Purpose of loan
Main purposes include consolidation of credit & home improvements
Coverage
England, Wales, Scotland
-
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Max Loan size
£500,000 (£100,000 BTL)
Max LTV
95%
Max age at term end
No max age - Lending into retirement criteria applies
Min / Max Loan term
5 – 30 yrs
Annual rates start from
6.90%
Fixed rate available
Yes - 3 year fixed
Interest Only available
No
Lender fee
2% of net loan (£395 minimum)
Overpayments
Yes. Partial early repayments are allowed at anytime on all loans subject to standard minimum 28 day notice provisions. In the event of partial early repayment on a loan which is subject to ERCs the ERCs will apply to the amount of loan principal which is being repaid early.
ERC’s
Regulated – 28 day notice required
Unregulated for BTLS & business purposes – 3% in yr 1, 2% in yr 2, 1% in yr 3
Purpose of loan
Any legal purpose accepted If loan size is over £25k + more than 50% of the loan is for business purposes then loan is treated as unregulated
Coverage
England & Wales
-
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Max Loan size
£100,000 (more on referral)
Max LTV
70%
Max age at term end
70
Min / Max Loan term
3 - 30 years
Annual rates start from
11.25%
Fixed rates available
Yes - rates start at 11.75%
Interest Only available
No
Lender fee
£695-£1,250
Overpayments
Yes. Overpayments are treated as payments in advance and do not reduce term
ERC’s
For Main res & BTLs: One Months interest deferred for 28 days
Lend on BTL’s
Yes up to 70% LTV
Purpose of loan
Any legal purpose accepted including clearing a bankruptcy
Coverage
England, Wales and Scotland
