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West One brings out green second charge mortgage in industry-first

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  • 11/04/2022
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West One brings out green second charge mortgage in industry-first
West One Loans has introduced a green second charge mortgage for landlords with properties with an EPC rating between A and C, in what it says is second charge industry first.

Rates for the green product start from 5.29 per cent, which is the lender’s lowest ever rate for buy-to-let (BTL) second mortgages.

West One has also created a second charge BTL plan called BTL Plus with rates starting at 5.39 per cent. It offers enhanced loan sizes on a range of products for landlords.

The loan sizes range between £350,000 and £250,000 up to 65 per cent loan to value (LTV), with loans up to £500,000 considered by referral. Loans from £125,000 to £100,000 up to 75 per cent LTV are also now available.

Both variable and five-year fixed rate plans have options without early repayment charges, and some “light adverse” credit is acceptable.

The lender is also reducing five-year fixed rates on its Apex 1 plan by up to 1.06 per cent.

Marie Grundy, managing director of second charge mortgages at West One Loans, said: “As part of our ESG strategy, we have been working on designing a green second charge mortgage for landlords.

“Although green mortgages are widely available in the BTL market, until now there haven’t been equivalent products available for landlords looking to raise second charge finance on more energy efficient properties. So we are proud to be the first second charge lender in the market to do this.

“Landlords are expected to ensure their properties have an EPC rating of at least C for new tenancies by 2025, and existing tenancies by 2028. Landlords can use our second charge green mortgage to upgrade and retrofit properties that are rated D or below, which applies to many rental homes.”

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