Scottish Retail Manager raises finance and keep favourable first charge


In March 2019, with the help of our valued broker partner, Omega Financial Services Ltd, our Residential Mortgages team were able to help a customer secure £11,000 finance to refurbish his kitchen and bathroom. By taking a second charge, instead of remortgaging, the borrower was able to raise the capital needed, whilst protecting his fixed rate first charge mortgage and avoid paying early repayment charges.

The supermarket Retail Manager from Glasgow was able to benefit from lower monthly repayments by taking a longer 18-year term (one of the bonuses of a second charge mortgage), which is likely to have been the more affordable option, as opposed to a personal loan that typically offers shorter loan terms.

Despite being a single applicant with one income source, the customer’s salary was stable, he had a good credit profile and strong affordability. Not only that, the refurbishment work planned would improve the security property. Taking all those facts into account, and thanks to the excellent packaging from Omega, we were more than happy to lend.

Emmanuel Johnson, Head of Secured Loans, Omega Financial Services Ltd comments:

“The application process as always on the Shawbrook portal was smooth and easy to use, the needs list produced was simple and clear! Once the application was submitted to Shawbrook for a review we found that the turnaround for a response was extremely fast (under 3 hours). Naturally from a broker perspective this is excellent service as it means the client can be provided with some level of feedback quickly to ease their anxieties.

The underwriter assigned to this application was excellent, she called and went through the application needs and applied a common-sense approach to the alternatives supplied, this meant that the case went to offer quickly.

We found the service from beginning to end was first class, once again full credit to the underwriter as she really was a fantastic advert for Shawbrook and an example of how underwriters should be”.