West One, the specialist bridging finance and buy to let finance lender, has made product and criteria enhancements to its Apex 1 second charge mortgage range. This range is designed for customers who have a lower credit score and those who have had credit issues in the past.
The LTV has been raised to 85% from 80% on the range and variable rate products without early repayment charges (ERCs) have been reduced from 5.55% to 5.15%. The two-year fixed rate has been lowered from 5.85% to 5.25% and no longer carries ERCs. The five-year fixed rate with ERCs now starts at 5.35%, previously 6.19%, and without ERCs starts at 5.85%, down from 6.49%.
For customers with good credit profiles, the Apex 0 range still has rates starting from 3.99%.
West One is now permitting applications from borrowers from all employment sectors provided they are not on furlough currently. In additionk, annual bonuses will now be considered for employed borrowers, including non-key workers. The lender has also reduced the minimum property value for borrowers living in ex council houses from £150,000 to £100,000 up to 75% LTV.
Marie Grundy, Managing Director, Second Charges at West One Loans, said: “Since the start of 2021 we have seen strong demand for our second charge mortgage products with borrowers taking advantage of record low interest rates.
“Increasingly, we are seeing greater diversity both in terms of loan purpose and the profile of borrowers benefitting from second charge finance. For example, more higher value loans are being taken out for home improvements by people with property valued above £1 million.
“At West One we are constantly looking at ways to improve our product offering to ensure we are reaching a broad range of borrowing needs. This latest set of changes support that ethos.”
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In January, West One expanded its buy-to-let team, with new senior hires to help capitalise on specialist sector opportunities throughout the year.