Second Charge Mortgages - West One Specialist Lending

Residential Second Charge Mortgages

A flexible range of Second Charge Mortgages secured against the borrower’s main residence.

Buy-to-Let Second Charge Mortgages

Flexible Second Charge Mortgages designed for the needs of individual landlords.

Why West One?

Fast turnaround on second-charge loans
We offer one of the most comprehensive range of second charge products including Buy-to-Let second charges
Products designed to meet the needs of a wide range of borrowers including high street mortgage customers
Flexible approach to affordability including products without LTI caps
Applicants are not credit scored and includes products for borrowers who have less than a perfect credit score
Variable income types considered and we can help employed borrowers with 3 months employment history
Self employed applicants with shorter trading history considered
We accept second charge loans for almost any legal purpose
Dedicated second charge team with regional presence across the UK

Key Product Features

Flexible approach to affordability including products without LTI caps up to 85% LTV
AVMs available up to 80% LTV to offer speed of completion
Range of 2, 3 and 5 year fixed rates
Interest only second charges available with minimum income of £15,000
Self employed borrowers with 1 years trading history accepted
Employed borrowers with 3 months employment history accepted
Older borrowers accepted offering loans terms up to the borrowers 85th birthday
Skilled worker, Health and Care workers, and Ancestry visas accepted
Flexible loan sizes from £10,000 up to £1million for homeowners
Loan terms from 5–40 years available with over payments permitted
Most legal loans purposes accepted, including repayment of tax bills and business purposes can be considered
Customers looking to discharge current IVA's and DMP's can be considered
Buy-to-Let DSCR threshold: 125% for basic rate; 140% for higher / additional rate taxpayers
Expats (Buy-to-Let second charges) and foreign nationals considered provided 2 years’ UK residency

Second Charge Product Guide

Submit a case for Second Charge Mortgages

Our products are exclusively available through a limited panel of Master Broker partners who work with mortgage intermediaries to provide a varied range of submission routes for second charge mortgage applications.

For new cases - Please contact us for the most appropriate submission route.

For queries with existing cases - Please email our support desk at brokersupport@westoneloans.co.uk or call 0333 1234556.

Submit an Enquiry

Partnerships

West One are proud to be an Associate Firm within the Society of Mortgage Professionals.

We are committed to upholding the SMP code of ethics and promote professionalism within our sector.

Award Winning Specialist Lending

Let us help you get started

For more information on our Second Charge Mortgages offering, including how to submit your case, please email our support desk using the form below.

The Basics

What are second charge mortgages used for?

There are few limitations as to what a second charge loan can be taken out for. Many borrowers take out second charge loans for debt consolidation purposes or home renovations. However, they can be taken for almost any legal purpose such as paying for a deposit on a second property, gifting a deposit for children/grandchildren, paying for private schooling, paying for a wedding, repayment of tax bills, releasing funds for business purposes, and many more.

In what situation are second charge mortgages used?

Second charges are an effective alternative to remortgaging or further advance where this is not possible or not viable, We are also seeing an increase number of borrowers use second charges for capital raising where they are arranging a product transfer with their existing mortgage provider.

Second charges do not affect the first charge mortgage, so it can help borrowers keep their first charge mortgage intact while releasing additional equity, for example where the borrower will incur early repayment charges, have to remortgage on to a higher rate of interest or may even be forced to sacrifice an interest only mortgage to secure further borrowing. Finally, second charge loans are typically much quicker to get approved than a remortgage or a further advance, without the need for a physical valuation in many instances which means they are also used in situations where the speed of completion is vital.

Are second charge mortgages suitable for high street customers?

The vast majority of our borrowers a have mortgages with high street lenders who can benefit from a second charge. Where debt consolidation is part of the loan purpose, this is permitted up to our maximum LTV of 85%, the debts being repaid will not be taken into account for affordability and we will directly discharge all unsecured debts being repaid by BACS payment on the day of completion.

Do applicants need to appoint a Solicitor?

The good news is that borrowers do not require legal representation to take out a second charge reducing time and cost for the borrower. There may be instances where independent legal advice is required in limited circumstances.

Criteria

What kind of credit profiles do you accept from applicants?

We have separate product tiers to fit a wide array of borrowers – including clients with less than a perfect credit scores. We do not credit score, instead we manually underwrite each second charge application taking into account each borrowers unique circumstances. As standard we disregard satisfied CCJ’s and Defaults as well as unsatisfied CCJ’s and Defaults under £500. We can also help borrowers with missed unsecured payments as well as missed mortgage payments as well as borrowers looking to repay a current IVA and DMP. We take an individual approach to lending without relying on credit scores.

What is the minimum income for interest only and what repayment strategies do you accept?

Applicants only require earned income of £15,000 from employment, self employment or private pension income. We can lend up to 65% LTV for interest only customers and can accept plausible repayment strategies including downsizing. Debt Consolidation is not permitted on an interest only basis.

Terms

What terms apply on a second charge loan with West One?

We have products for loans between £10k£1m in size (higher on referral), on a loan term between 5 and 40 years. We allow borrowers to finish their loan term by their 85th birthday for capital and interest mortgages, and loan terms up to age 75 for interest only borrowers.

Can you offer a second charge for borrowers without a current mortgage or borrowers with an equity release mortgage?

We can only offer second charges to borrowers who have a traditional first charge mortgage, but we can offer a remortgage for borrowers with an unencumbered property. We cannot offer second charges for borrowers with non standard mortgages such as equity release or retirement interest only mortgages.

Do you offer second charges for landlords with an existing Buy-to-Let mortgage?

Yes we can offer loans up to £350,000 (£500,000) by referral for individual landlords up to a maximum exposure of 3 Buy-to-Let properties up to £750,000. We can help expats, borrowers with a minimum 2 years residency in the UK on a skilled worker visa, health and care worker and ancestry visas. We cannot currently offer second charge Buy-to-Let mortgages for limited company applications or lend against HMO properties.

Application Process

How do I apply for a second charge loan with West One?

For new cases - Please contact us for the most appropriate submission route if you need help placing a case through one of our packaging partners.

For queries with existing cases - Please contact your packaging partner who will be able to update you on the status of the application.

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