Shawbrook Bank has reduced rates on its second charge mortgages by up to 0.80 percentage points.

Rates are being reduced on Shawbrook’s second charge products sitting between the 65% to 85% loan to value bandings.

Fixed rates will now start from 4.20% and variable rates from 3.80%.

In addition, Shawbrook has now reduced its minimum property value to £70,000.

Its offering no ERCs, all adverse ignored after 12 months, a flexible AVM proposition and direct access to an underwriter.

Caroline Mirakian, head of intermediary distribution at Shawbrook Bank, said: “Throughout 2019 we have been listening very carefully to our broker partners and we believe that the recent rate changes reflect this.

“We champion our brokers and value the great work they do – so we hope these changes will assist them in providing further choice to their customers, particularly where a second charge may be a suitable alternative to a remortgage or further advance.”