West One Loans enters buy-to-let second charge market

As Specialist Lending Solutions revealed last year, it has already expanded into the residential second charge and development finance markets.

This move marks the next step in the lender’s broadening of its overall specialist offering.

The lender said products will be available from tomorrow through selected firms that specialise in advising and arranging second charge mortgages.

Key features include:

• Rates starting from 6.99%;
• Range includes consumer buy-to-let products;
• Variable rate products including no early repayment charge options alongside two-, three- and five-year fixed rate deals;
• Loans to value available up to 75% and loan amounts ranging from £10,000-£250,000;
• No restrictions placed on the number of buy-to-let properties within a landlord’s portfolio;
• Interest-only option available to borrowers who can evidence a credible repayment strategy.

West One Loans sales director Marie Grundy (pictured) said second charge buy-to-let plans could prove valuable to landlords who may have experienced greater difficulty in remortgaging or did not wish to disturb their existing buy-to-let mortgage deal.

“Where there is a genuine need to raise capital, such as for the refurbishment of an existing rental property to increase yield, or to carry-out essential repairs, a second charge could be the most appropriate financial solution for buy to let borrowers,” she said.

“We are therefore hugely excited about extending our product reach to include second charge buy-to-let products.”

“Our proposition will deliver an extensive range of second charge mortgage solutions,” she added.