Shawbrook Bank Secured Loans

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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it. Show representative example

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Homeowner secured loans usually have to be applied for through a broker using your property as security.

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Who is Shawbrook Bank?

Shawbrook Bank was established in 2011 and offers consumers and businesses a range of savings and lending products. It offers unsecured and secured loans, as well a range of mortgage products.

What type of secured loans does Shawbrook Bank offer?

Shawbrook Bank offers second charge mortgages to homeowners in the UK with existing mortgages on their properties. These secured loans are offered on either tracker, variable or fixed interest rate deals and are repayable over a period of up to 25 years, depending on your requirements, your loan amount and your personal financial circumstances. The loans are secured against your property and you could stand to lose your home if you don’t keep up with the repayments.

What can I spend my Shawbrook Bank secured loan on?

It is up to you what you spend the money on. Some of the most common reasons to seek out a secured loan include helping with large expenses or purchases, such a school tuition fees or home refurbishment, but the cash can also be used for business purposes or to buy a buy-to-let property.

However, it is recommended that you consider your options before making a long-term financial commitment like a secured loan. Other options such as unsecured loans, credit cards, savings or overdrafts could give you access to cheaper borrowing with less risk.

Can I repay my Shawbrook Bank secured loan early or make regular overpayments?

You are able to repay early or overpay on your secured loan, but there are sometimes early repayment charges applied, so check this before committing.

How much will I be able to borrow and for how long?

Although Shawbrook Bank does offer secured loans up to a value of £500,000 for as long as 25 years, the actual value and terms of the loan you may be offered will depend on a large list of criteria, including your own requirements and the value of your home. You are unlikely to be offered a loan amount in excess of the equity value you have in your home, for example.

Will I be able to borrow more through a Shawbrook Bank secured loan than with an unsecured bank loan?

This will, again, depend on your personal financial circumstances, affordability and your credit record. Lenders sometimes offer more when a loan is secured against a property as lending poses less of risk to them. Some lenders will offer secured loans with lower interest rates to those with poor credit ratings for the same reason. However, bear in mind that less risk to the lender usually means more risk to you, as the borrower, as you can lose your home if you default.

What should I do if I can’t meet the repayments for my Shawbrook Bank secured loan?

If you are suffering financial difficulties, always contact your lender right away and be honest. They will usually be able to work out a new repayment plan that can help you to manage your debt without missing payments. If you do miss any payments, late payment charges may apply, which can worsen your financial difficulties.

About the author

Rhiannon Philps
Rhiannon is a financial writer for NerdWallet, with a particular interest in personal finance and insurance guides for consumers. Read more
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This secured loans comparison and quote service is presented via our partnership with Norton Finance. Data provided is submitted directly to Norton Finance. Nerdwallet Ltd does not form part of the service beyond this introduction.

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