"The demand for second charge loans remains strong at a time when product transfer activity is dominating the remortgage space."
West One Loans has reduced rates by up to 77 basis points across its second charge mortgage range.
The reductions mean that the specialist lender’s rates on its Apex 0 – for borrowers with good credit profiles – now start at 7.99%.
Meanwhile, the lender has cut its Apex 1 and Apex 2 ranges – for those with less-than-perfect credit profiles or who have had historical credit issues – by up to 77 and 65 basis points, respectively. It means they now start at 8.99% and 9.99%.
In addition, West One has cut its interest only five-year fixed rate by 71 basis points and applied a 45 basis points reduction to its green buy-to-let second charge five-year fixed product.
Both the lender’s range of green buy-to-let second charge products and its interest-only large loan second charge products now start at 8.99%.
Marie Grundy, managing director of residential mortgages and second charge at West One Loans, commented: “We have shown time and time again how committed we are to supporting borrowers looking for second charge mortgage finance.
“We always endeavour to provide customers with the most competitive and flexible range of lending options as we can and I am therefore delighted that we have been able to make such significant and sweeping reductions.
“The demand for second charge loans remains strong at a time when product transfer activity is dominating the remortgage space. Second charges provide a valuable option for borrowers, predominantly those with high street mortgages, who are looking for ways to raise additional capital alongside their product switch.
“It is with this in mind that we want to be able to offer the very best products we possibly can to brokers and their clients, so that we can support UK borrowers meet their additional borrowing needs.”
