West One expands second charge criteria and product choice

West One Loans has enhanced its second charge offering with improved terms for self-employed applicants, three-year fixed rates and a new range of green mortgages.

The specialist lender’s new three-year fixed rate options are available for Apex 0 and Apex 1 borrowers – those with the strongest credit profiles – and rates start from 8.19%.

West One’s new buy-to-let standard green products open up the lender’s green range to borrowers with slight adverse credit histories buying properties with an EPC rating of A-C. Rates start from 8.59%.

Meanwhile, West One has also introduced a new limited edition Apex 0 product for self-employed borrowers where the minimum income requirement is £15,000 rather than the standard £40,000.

Marie Grundy, managing director of residential mortgages and second charge at West One, said: “We believe that demand for second charge loans will remain strong over the next few years.

"Up until recently, homeowners were able to take advantage of record low five-year fixed rates. Preserving these preferential rates of interest will become increasingly important, which means more borrowers could benefit from considering the option of a second charge mortgage should they wish to capital raise during the fixed rate period.

“Similarly, with 1.8 million borrowers predicted to reach the end of their fixed rate term in 2023, it is widely expected that this will fuel demand for product transfers and in turn this could mean more intermediaries will be turning to second charge mortgage finance to address further borrowing needs for their clients.

“We want to ensure we have a range that is suited to as many borrowers as possible who want access to finance but don’t want to disturb their original mortgage. Hence that is why we decided to have a refresh of our range to ensure that it is in tune with borrowers’ changing requirements.”