Shawbrook Bank has introduced a new second charge buy-to-let product, designed to help customers raise finance against their residential investment property.

Rates start from 9.95% and customers can make monthly or lump sum overpayments without penalty.

Maeve Ward, head of sales, secured lending at Shawbrook Bank, said: “I am thrilled to be able to announce another new product to add to our secured loan range.

“This new product means that our valued broker partners can offer their clients flexibility and the opportunity to raise capital whilst leaving their existing mortgages in place.

“We are proud once again to be driving the secured loan market forward by providing the benchmark for ‘best in market’ rates.

“We hope that this, along with our other recent market innovations will ensure that 2013 will be the best that the secured lending industry has seen in recent times.”