Shawbrook’s second charge mortgage process has helped a client to repay a tax bill.

Previously a self-employed day-rate IT contractor, the client’s income was paid directly from the employer to his limited company. However, due to the recent introduction of the IR35 rule, the applicant had moved to an agency contract and PAYE terms, with the limited company becoming redundant.

When an unexpected tax bill arrived for the limited company, the client needed to raise £25,000.

The Loan Partnership knew Shawbrook’s agency policy and that the client would qualify against it, as he had been under an agency contract for over 12 months.

The master broker took the case to Shawbrook, and he case was submitted to the underwriting team. With Shawbrook’s simplified process, a binding mortgage offer was issued the next day.

Andy Pelley, director at The Loan Partnership, said: “Since March, it’s been great that the majority of our cases submitted to Shawbrook have offered the next day. Cases are worked the same day and updates from the team are quick, resulting in fast completions for our customers.

“It’s clear to see that they have been working hard behind the scenes to reduce the packaging requirements and the need for further information.”

Gavin Seaholme (pictured), head of bridging and second charge mortgages at Shawbrook Bank, added: “By simplifying our lending criteria and process, we were able to issue an offer the day after the application was received. This was one of the key drivers to us streamlining our requirements – to ensure that the journey is as easy as possible for both brokers and customers.

“Another fundamental part that people often forget is the relationship between the sales, underwriting and master broker teams. With all parties working closely together we’ve delivered a great outcome for the client.”