TBMC, the buy-to-let and commercial mortgage specialist, has launched a second charge buy-to-let loan with Shawbrook Bank aimed at landlords looking to release equity in existing properties without remortgaging.

Rates start at 9.95% and funds can be raised for a wide range of purposes.

Andy Young, chief executive at TBMC, said: “We are delighted to offer an innovative new buy-to-let product with Shawbrook Bank.

“This second charge secured loan is ideal for landlords who are tied into an existing rate for their residential investment property and want to release equity, without remortgaging or incurring early repayment charges.

“Shawbrook has a very flexible approach to lending, offering alternative options for landlords especially in niche segments.

“Landlords can use this secured loan product to raise funds for numerous reasons including home improvements, consolidation, school fees, transfer of equity or to fund a deposit for a new property.”

Maeve Ward, head of sales, secured lending at Shawbrook Bank, said: “Shawbrook Bank is committed to developing ‘best in market’ rates and providing financial solutions to meet the real demands of landlords. This second charge loan is another example of how we have identified a gap in the market and taken the necessary steps to address the need.

“We are thrilled to be working with TBMC as one of our specialist distributors and a highly regarded expert in the buy-to-let sector.”