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West One updates second charge product and cuts rates

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  • 10/01/2019
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West One Loans has updated its range of second charge mortgage products.

 

These changes include the launch of its lowest ever variable and fixed rate products and an expanded range of early repayment charge (ERC) free products.

Rate cuts have been applied across its prime, near prime and buy-to-let product ranges and now start from 3.79%.

Loan sizes have also been increased to £750,000 as standard on Apex Prime and Apex 1 products, for loans up to 65% loan to value (LTV).

West One Loans has also made process improvements to the application process, making it easier for brokers to support clients in securing second charge mortgage finance.

Marie Grundy, sales director of West One Loans (pictured), said the latest data from the Finance and Leasing Association revealed second charge mortgage completions exceeded £100m in October for the first time since 2008.

She added: “The launch of our lowest ever pricing for two- and five-year fixed rate products reflects the changing trends in product preferences, with more borrowers opting for payment stability as the UK determines its exit from Europe.”

Darren Perry, head of second charge mortgages at Brightstar Financial, said: “This is a fantastic amendment to West One’s range and will make second charge mortgages even more accessible to our brokers and their clients.

“We have already seen demand for the product and have been able to provide an option for one client who previously had no suitable products available to them, as well as improving the rate we were able to recommend to another client.”

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