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West One cuts second charge rates for self-employed borrowers

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  • 02/12/2020
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West One cuts second charge rates for self-employed borrowers
West One has cut rates on its second charge loans for self-employed borrowers and added a two-year fix option.

 

Self-employed borrowers who are the main income earner will need evidence of minimum income of £40,000 through their latest SA302 and have been trading for a minimum of two years.

The lender has also added a product allowing parents to take out a second charge loan to use as a gifted deposit with a maximum loan to value (LTV) available of 75 per cent.

The second charge is placed on the supporting family member’s home, not the property being bought.

Rates on all ranges start at 3.99 per cent.

West One sales director Marie Grundy (pictured) said the family support product highlighted the flexibility of second charge mortgages and how they can work in tandem with the first charge market.

“This is particularly relevant at a time when there have been significant supply issues with higher LTV products in the mainstream market mainly affecting first-time buyers,” she said.

She added: “Our latest set of changes will be of significant benefit to self-employed borrowers whose needs are often more complex and best served by a more bespoke approach to underwriting.”

 

 

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