West One launches into second charge buy-to-let

Ryan Bembridge

January 9, 2018

West One Loans has launched into second charge buy-to-let lending.

The lender said the move is part of its transition into longer-term second charge mortgages.

The product range will have rates from 6.99% and will be available from tomorrow through selected firms.

Marie Grundy, sales director at West One Loans, 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.

The new product range includes consumer buy-to-let products, loan-to-values up to 75% and has no restrictions on the number of properties within a landlord’s portfolio.

Variable products include no early repayment charge options alongside 2, 3 and 5-year fixed rate deals, while there are interest-only options available to borrowers who can evidence a credible repayment strategy.

West One first launched into second charge lending in September following a pilot.

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