The changes see products up to 65% loan-to-values increase by 0.20% and those within the 65.01%-75% LTV bands have increased by 0.25%.

It has also replaced its 3-year fixed-rate product with a 2-year fix.

A broker communique seen by Mortgage Introducer reads: “The above rate increases will take immediate effect on our base rate tracker, variable and 5-year fixed-rate products on our second charge offering.

“All existing applications entered on the old rates will be honoured, providing the case completes by 31st May 2020.”

Last week Shawbrook reintroduced drive by valuations and returned to lending in Scotland after a temporary pause due to challenges presented by COVID-19.