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 £1,000,000 (subject to LTV restrictions)
LTV's available up to 85%
Maximum loan term up to 40 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.
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 Aug 2024

            Highlights
5 Year Fixed Rates from 6.59%
3 Year Fixed Rates from 7.10%
2 Year Fixed Rates from 7.24%
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 85%
Loan term up to 40 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.
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 £250,000 (subject to LTV restrictions)
LTV'S available up to 75%
Loan term up to 40 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.
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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