West One launches second charge buy-to-let lending

By James Buckley - Tuesday, January 09, 2018 10:37

West One Loans is to launch a range of second charge buy-to-let products.

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 will be available from 10 January.

Key features include:

-Rates starting from 6.99%

-Range includes consumer buy to let products

-Variable rate products including No ERC options alongside 2, 3 and 5-year fixed rate deals

-LTVs available up to 75% and 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 who specialise in advising and arranging second charge mortgages.

The announcement comes after West One recently revealed ambitious growth plans after it posted record levels of lending last year. The company rolled out its second charge lending proposition with selected brokers in September following 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, and the lender also recently announced it was doubling its sales force to expand its support services for intermediary partners as well as announcing in November that they will be launching into development finance lending in 2018.

West One’s parent company, the Enra Group, was also recently listed in the Fast Track 100 which recognises Britain’s private companies with the fastest-growing sales.

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.

“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.”

jbuckley@costar.co.uk  

Get in Touch
+44 203 205 4600