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Do you expect to see less or more second charge mortgage lenders in 2018?

West One to launch second charge BTL products

Marie Grundy

Specialist lender West One Loans is set to launch a range of second charge buy-to-let products, which will be available from tomorrow (10th January).

Key features include:
  • rates starting from 6.99%
  • range includes consumer buy-to-let products
  • variable rate products including no ERC options alongside two-, three- and five-year fixed rate deals
  • LTVs available up to 75% and loan amounts ranging from £10,000-250,000
  • no restrictions on the number of buy-to-let properties within a landlord’s portfolio
  • interest-only option available to borrowers who can provide evidence of a credible repayment strategy.

The new products will be available through selected companies which specialise in advising and arranging second charge mortgages.

West One revealed its second charge lending proposition with a number of brokers in September, following its successful pilot launch, which started 12 months ago.

Marie Grundy, sales director at West One Loans (pictured above), said: “Second charge buy-to-let plans are a valuable option to landlords, who may have experienced greater difficulty in remortgaging recently or may not wish to disturb their existing buy-to-let mortgage deal.

“Where there is a genuine need to raise capital – such as for the refurbishment of an existing rental property to increase yield or to carry out essential repairs – a second charge could be the most appropriate financial solution for buy-to-let borrowers.

“We are therefore hugely excited about extending our product reach to include second charge buy-to-let products.

“Our proposition will deliver an extensive range of second charge mortgage solutions, built on West One’s solid reputation for taking time to understand individual borrower needs, combined with our in-depth understanding of the second charge market.

“This means we can cater for borrowers who require a bespoke approach to lending, such as property professionals and landlords.”

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