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West One Loans Moves into Second Charge Buy-to-Let Lending
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
West One Loans, a leading specialist lender, is launching a range of second charge buy-to-let loans today.
The move is part of West One’s expansion of its lending range into longer-term second charge mortgages, and is a continuation of the lender’s broadening of its overall specialist offering.
The second charge buy-to-let products are available from today (Wednesday 10th January 2018).
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
- Loan-to-value ratios (LTVs) available up to 75%
- Loan amounts ranging from £10,000-£250,000
- No restrictions placed on the number of buy-to-let properties within a landlord’s portfolio
- Interest-only option available to borrowers who can evidence a credible repayment strategy
The products will be available through selected firms that specialise in advising and arranging second charge mortgages.
The announcement comes after West One recently revealed ambitious growth plans, following record levels of lending last year. The company rolled out its second charge lending proposition with selected brokers in September, after a successful pilot launch, which began 12 months ago.
This is in addition to its core suite of market-leading short-term bridging finance products.
Marie Grundy, the Sales Director of West One Loans, comments: “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.”
