Customers will be able to benefit from making monthly or lump sum overpayments without penalty and a rental cover calculation of 110%.
Maeve Ward, head of sales for secured lending at Shawbrook, 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.”
Shawbrook developed the product after its broker partners identified a gap in the market where customers wanted to raise additional equity without having to remortgage.
Ward added: “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.”
Matt Tristram, managing director of Loans Warehouse, said: “We welcome such a competitively priced buy-to-let secured loan product. This is an area of lending that has real potential for growth and a sub 10% rate is just what is needed to kick start buy-to-let lending within the second charge market.”