Residential

Second Charge Mortgages

Our range of second charge mortgages, secured on the borrower’s main residence, are designed to provide homeowners with alternative capital raising options without disturbing their existing mortgage arrangements.

With loan sizes up to £500,000 and a wide variety of acceptable loan purposes such as debt consolidation, home improvements, property purchases or supporting the bank of Mum and Dad, second charge mortgages are a vital component of the advice process when considering the most suitable option for your client.

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To talk to us about what we can do for you and your client or simply learn more about what West One has to offer, get in touch today.

Our Product Range

For borrowers with good credit profiles whilst still allowing for the occasional payment blip

  • No credit scoring
  • Loans up to £500,000 (subject to LTV restrictions)
  • LTV's available up to 85%
  • Maximum loan term up to 35 years 
  • Most legal loan purposes acceptable including Home Improvements, Debt Consolidation, Property Purchases, School Fees and releasing equity to help get family members onto the property ladder
  • Minimum Age 21 with the loan term ending by age 85
  • Available to employed, self employed and retired applicants
  • Employed, Retired and Self Employed applicants all acceptable (subject to minimum income requirements)
  • Self Employed applicants - minimum trading history of 2 years required
  • Employed applicants - a minimum of 3 months employment and not in a probationary period acceptable
  • Retired applicants – providing they can meet the minimum income threshold from private pension sources
  • Maximum 6 times gross annual income
  • Automated expenditure assessment
  • Child-related benefits accepted for children up to the age of 12 (other benefits by referral)
  • State Pension accepted
  • Minimum 12 months mortgage history - no secured arrears in the last 12 months and account must be up to date
  • No unsatisfied CCJ's or defaults over £500 in the last 24 months
  • Unsecured arrears in the last 12 months provided there is not more than 1 months arrears on any item of unsecured credit and is up to date (NB Unsecured credit with balances under £500 not included for plan assessment purposes)
  • No previous IVA/DMP/Bankruptcies or repossessions
  • No payday loan activity in the last 24 months

NB Explanations will be required for any items of credit which have not been conducted satisfactorily

  • Borrowers with a high street mortgage who require further borrowing
  • Borrowers with good credit profiles whilst still allowing for the occasional payment blip
  • Borrowers who want to take advantage of some of the lowest second charge rates available
  • Borrowers who may need greater flexibility in obtaining larger loan sizes, for example, to fund significant home improvement projects or purchase an investment property/holiday home
  • Borrowers who bought the property in their sole name and want to add their partner/spouse to the second charge loan application
  • Borrowers who have recently completed a product transfer but now need to raise further finance
  • Borrowers who do not want to disturb their existing mortgage terms eg benefitting from a low rate mortgage or have an interest only mortgage
  • Borrowers who would incur early repayment charges by remortgaging
  • Borrowers where the speed of completion is important to them which may not be achievable via a further advance

Download Second Charge Product Guide May 2024

Highlights

  • 5 Year Fixed Rates from 6.74%
  • 3 Year Fixed Rates from 7.05%
  • 2 Year Fixed Rates from 7.29%
  • SVR trackers available without ERC's
  • Interest Only Options from 7.59% subject to eligibility
  • Up to 85% LTV available

Borrowers with less than a perfect credit score, self employed borrowers who have been trading for less than 2 years and borrowers who are prevented from further borrowing as a result of LTI restrictions

  • No Credit Scoring
  • Loans up to £500,000 (subject to LTV restrictions)
  • LTV's available up to 75%
  • Loan term 3- 30 years
  • Most legal loan purposes acceptable including Home Improvements, Debt Consolidation, Property Purchases, School Fees and releasing equity to help get family members onto the property ladder
  • Minimum Age 21 with the loan term ending by age 85
  • Available to employed, self employed and retired applicants
  • Employed, Retired and Self Employed applicants all acceptable (subject to minimum income requirements)
  • Self Employed applicants - minimum trading history of 1 year required
  • Employed applicants - a minimum of 3 months employment and not in a probationary period
  • Retired applicants – providing they can meet the minimum income threshold from private pension sources
  • Automated expenditure assessment without LTI restrictions
  • Child-related benefits accepted for children up to the age of 12 (other benefits by referral)
  • State Pension accepted
  • Minimum 12 months mortgage history – no secured arrears in the last 12 months
  • No unsatisfied CCJ's or defaults over £500 in the last 12 months
  • Unsecured arrears permitted accompanied by a plausible explanation. Current unsecured arrears to be repaid from the loan proceeds. 
  • Previous satisfied or discharged IVA/DMP/Bankruptcies/Repossessions considered if from over 2 years ago and is accompanied by a satisfactory explanation
  • No payday loan activity in the last 24 months

NB Explanations will be required for any items of credit which have not been conducted satisfactorily

  • Borrowers with less than a perfect credit score or who may have experienced some historical credit issues
  • Self Employed Borrowers
  • Borrowers who are unable to obtain a mortgage due to LTI restrictions
  • Borrowers who may need greater flexibility in obtaining larger loan sizes for example to fund significant home improvements or to purchase an investment property/holiday home
  • Borrowers who bought the property in their sole name and want to add their partner/spouse to the second charge loan application
  • Borrowers who have recently completed a product transfer but now need to raise further finance
  • Borrowers with an interest only mortgage who do not wish to disturb their existing arrangements
  • Borrowers who are benefitting from a preferential mortgage terms on their first charge
  • Borrowers who would incur early repayment charges by remortgaging
  • Borrowers where speed of completion is important to them which might not be achievable via a further advance

Highlights

  • 5 Year Fixed Rates from 7.29%
  • 3 Year Fixed Rates from 7.65%
  • 2 Year Fixed Rates from 7.79%
  • SVR trackers available without ERC's
  • Loan sizes up to £500,000 (subject to LTV restrictions)
  • LTV's available up to 75%

Borrowers with less than a perfect credit score or who may have experienced some historical credit issues

  • No Credit Scoring
  • Loans up to £150,000 (subject to LTV restrictions)
  • LTV'S available up to 70%
  • Loan term 3- 30 years
  • Most legal loan purposes acceptable including Repayment of IVA/DMP plans, home Improvements and debt consolidation.
  • Minimum Age 21 with the loan term ending by age 85
  • Available to employed, self-employed and retired applicants
  • Minimum Income of £15,000 derived from main employment, self employment or private pension income
  • Self employed applicants with a minimum 1 year trading history acceptable.
  • Employed applicants with a minimum of 3 months employment and not in a probationary period acceptable.
  • Retired applicants with a minimum income of £15,000 derived from private pension income acceptable.
  • Automated expenditure assessment without LTI restrictions
  • Child related benefits accepted for children up to the age of 12 (other benefits by referral)
  • State Pension accepted
  • Minimum 12 months mortgage history – 1 missed payment in the last 12 months on loans secured on the property (providing none in the last 3 months).
  • Up to 1 unsatisfied CCJ’s and 1 unsatisfied default over £500 in the last 12 months up to a maximum value of £1250 per CCJ and /or default
  • Unsecured arrears in the last 12 months permitted.
  • Current DMP or IVA plans which have been conducted satisfactorily and are being repaid from the loan proceeds can be considered providing this is accompanied by a satisfactory explanation.
  • Recently discharged IVA/DMP plans which were conducted satisfactory can be considered providing this is accompanied by a satisfactory explanation.
  • Payday loans accepted accompanied by a satisfactory explanation providing no payday loan activity in the last 3 months.
  • Borrowers whose credit rating has been adversely impacted by a life event
  • Borrowers who may have a current or previous IVA or DMP
  • Self Employed Borrowers
  • Borrowers who are unable to obtain a mortgage due to LTI restrictions
  • Borrowers who bought the property in their sole name and want to add their partner/spouse to the second charge loan application
  • Borrowers who have recently completed a product transfer but now need to raise further finance
  • Borrowers with an interest only mortgage who do not wish to disturb their existing arrangements
  • Borrowers who are benefitting from a preferential mortgage terms on their first charge
  • Borrowers who would incur early repayment charges by remortgaging
  • Borrowers where speed of completion is important to them which might not be achievable via a further advance

Highlights

  • 5 Year Fixed Rates from 8.59%
  • 2 Year Fixed Rates from 9.59%
  • Variable rates available
  • Up to 70% LTV available

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If you would like to discuss a case, register as an introducer or learn more about what West One has to offer, simply complete the short enquiry form below and a member of our broker support team will get in touch.

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Meet the Second Charge Mortgages Team

Marie Grundy

Managing Director, Residential Mortgages & Second Charges

marie.grundy@westoneloans.co.uk +44 (0)333 123 4556

Pauline Rylands

Head of Specialist Distribution

pauline.rylands@westoneloans.co.uk +44 (0)7810 293 964

Broker Support

Broker Support, Residential Mortgages & Second Charges

brokersupport@westoneloans.co.uk +44 (0)333 123 4556