Hero Curve

May 5, 2020

West One Loans enhances Second Charge products to support the industry through impact of COVID-19

residential property released equity with Second Charge mortgage

We are delighted to announce a series of positive enhancements to our second charge product range with immediate effect.


The last two months have seen enormous changes sweep the lending market, the industry and borrowers have experienced nearly a 45% reduction in mortgage products available in the market, multiple lenders have paused product lines whilst evaluating their risk and this, coupled with the lack of valuations being carried out has caused a significant impact on completions.

We are determined to support the market and our customer base through the effects of the COVID-19 pandemic. Right now, lending is critical to enable customers to access vital funds, to ensure we support this need we have introduced the following changes:

  • Reintroduction of Buy-to-Let Second Charge Product Range
  • Applications from Self Employed Borrowers up to 75%
  • AVMs now available up to 65% on Apex 1 plans
  • Restrictions on acceptable loan purposes removed

These enhancements aim to make lending more accessible and support our broker partners at a time when the market has seen a shift in access to lending and an increased feeling of uncertainty about the future.

Marie Grundy, Sales Director for West One said: I am extremely proud that West One has continued to support the Second Charge Market during turbulent times.  This latest set of changes validates our commitment to our broker partners seeking to support those customers who are able to demonstrate long term affordability.

We have always looked for opportunities to provide access to products for underserved borrowers, with our buy to let second charge range being a great example of this, but this takes on increased significance at a time when product options across the sector are in shorter supply.”

To further support this, we have also taken the opportunity to make some changes to our wider criteria and provide further clarity where appropriate on the current approach to lending. These changes reaffirm our commitment to the Second Charge market and the impact of these changes is proving a welcome relief to brokers and their customers.

Mark Fry, Managing Director of CSC Loans responded to the announcement with “The changes West One have made are extremely positive which will create more opportunities for homeowners and landlords to access Second Charge finance at a time when product availability is restricted.   

It is even more impressive that as a non-bank lender West One have been at the forefront of specialist lending during these exceptional times,  and continue to deliver innovative and well-designed products to meet the needs of a wider range of borrowers.”

For more information on our Second Charge range, please give us a call on 020 8736 2297 or drop us a line.