Wests One Loans slashes second charge rates by up to 0.77 per cent

In its Apex 0, which is for borrowers with good credit profiles, pricing begins from 7.99 per cent.

Within its Apex 1 and Apex two ranges, which are for less-than-perfect credit profiles or who have had historical credit issues, decreases of up to 0.77 per cent and 0.65 per cent have been applied respectively. Rates start from 8.99 per cent and 9.99 per cent.

The lender has also reduced its interest-only five-year fixed rate by up to 0.71 per cent and cut buy-to-let green second charge five-year fixed rate products by around 0.45 per cent. Pricing begins from 8.99 per cent.

Marie Grundy, managing director of residential mortgages and second charge at West One Loans, said: “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.”

She added: “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.”