West One revamps second charge range by introducing enhanced self-employed criteria, three-year fixes and new green loans
West One Loans has revamped its second charge offering by introducing improved terms for self-employed applicants, three-year fixed rates and a new range of green mortgages.
The enhancements include new terms for self-employed applicants, a range of green mortgages, and three-year fixed rates for Apex 0 and Apex 1 borrowers, with rates starting from 8.19%.
The new buy-to-let Standard Green products open up the lender's green range to borrowers with slight adverse credit histories buying properties with an Energy Performance Certificate rating of A-C.
Meanwhile, West One has launched a Limited Edition Apex 0 product for self-employed borrowers lowering the minimum income requirements to £15,000.
Marie Grundy, Managing Director, Residential Mortgages and Second Charges, said: "The changes would enable a greater number of borrowers to access the lender's second charge loans, meeting the evolving needs of borrowers.
She added: "We believe that demand for second charge loans will remain strong over the next few years.
"Up until recently, homeowners were able to take advantage of record low 5-year fixed rates. Preserving these preferential rates of interest will become increasingly important, which means more borrowers could benefit from considering the option of a second charge mortgage should they wish to capital raise during the fixed rate period.
"Similarly, with 1.8 million borrowers predicted to reach the end of their fixed rate term in 2023, it is widely expected that this will fuel demand for product transfers and in turn could mean more intermediaries will be turning to second charge mortgage finance to address further borrowing needs to their clients.
"We want to ensure we have a range that is suited to as many borrowers as possible who want access to finance but don't want to disturb their original mortgage. Hence that is why we decided to have a refresh of our range to ensure that it is in time with borrowers' changing requirements."