Second Charge mortgages

A Second Charge mortgage is a great solution for clients that need to raise capital. As a secured loan that releases property equity, it offers an alternative to first charge further advances or remortgages. This can be useful in situations either where first charge options are unavailable because of borrower or property circumstances, or where the first charge route may not be appropriate, such as with large Early Repayment Charges on their current mortgage.

West One are a Second Charge mortgage lender offering Second Charge mortgages that can be secured on both residential and Buy-to-Let properties. Our Residential Second Charge product range is for second charge loans secured on a client's home. Our Buy-to-Let Second Charge product range is for loans secured on rental investment properties, including consumer BTL for 'accidental' landlords.

If you are interested in one of our second charge mortgages, these can currently be accessed via selected Master Broker partners. Contact us for more information or register your interest.


 

OUR RESIDENTIAL SECOND CHARGE RANGE

Residential second charge mortgages allow borrowers to release equity from their own homes.

West One offers an extensive range of Second Charge mortgage solutions, built on our strong reputation for taking time to understand individual borrower’s needs, and combined with an in-depth understanding of the second charge mortgage market.

This means we can cater for borrowers who require a bespoke approach to lending, such as the self-employed, older borrowers and those with less-than-perfect credit histories.

We have 3 tiers of residential Second Charge mortgage plans available, depending on your client's credit health, with a dedicated series of plans for self-employed borrowers.


KEY PRODUCT FEATURES

  • 5-year fixed rates from 4.65% per annum
  • Bespoke products to cater for both employed and self-employed applicants
  • Most legal loan purposes considered
  • £10,000 to £500,000 loan sizes
  • LTV to 85%
  • 3 to 30 year terms
  • 2, 3 and 5 year fixed rate options
  • 5 year fixed and variable rate products without ERCs
  • Up to age 85 at end of term
  • Overpayments permitted up to 10% of outstanding balance per annum

PROPERTIES WE LEND ON

  • England, Scotland and Wales, minimum £100,000 value
  • Freehold houses
  • Leasehold flats over 55 years at end of loan term
  • Ex-local authority houses over £150,000 value
  • Ex-local authority flats over £250,000 value



OUR BUY-TO-LET SECOND CHARGE RANGE

Buy-to-Let Second Charge mortgages offer landlords an alternative to remortgages or further advances, if they want to release equity from their rental investment properties.

This can be to help fund new property acquisitions, pay for renovations or just fund other needs.

West One offers an extensive range of Second Charge mortgage solutions that can be secured on Buy-to-Let properties, including unregulated Buy-to-Lets as well as regulated consumer Buy-to-Lets.

This range is built on our strong reputation for taking time to understand individual borrower’s needs, so we can cater for borrowers who require a bespoke approach to lending, such as professional landlords with large portfolios or those with less-than-perfect credit histories.


KEY PRODUCT FEATURES

  • Rates from 6.29% also available to interest-only borrowers
  • £10,000 to £250,000 loan size
  • LTV to 75%
  • 3 to 30 year terms
  • 2, 3 and 5 year fixed rates
  • Equitable Charge Products considered where consent to a second charge cannot be obtained
  • Variable rate options without Early Repayment Charges
  • Interest-only option available for borrowers with credible repayment strategies
  • Up to age 85 at end of term
  • Consumer Buy to Let products
  • Licensed HMOs and multi-let ASTs considered on referral
  • Simple online rental coverage calculator

PROPERTIES WE LEND ON 

  • England and Wales, minimum £100,000 value
  • Residential properties with AST only
  • Freehold houses
  • Leasehold flats over 70 years at end of loan term
  • Ex-local authority houses over £150,000 value
  • Ex-local authority flats over £250,000 value

WHO WE LEND TO

  • Individuals only

 

For more information on how to access these products, give us a call on 020 8736 2297 or send us a message.