West One Loans is launching a new range of second charge buy-to-let loans.
This range will include variable rate products, with no ERCs, as well as two-, three- and five-year fixed-rate options. Rates start from 6.99 per cent.
Interest-only options are also available for landlords who can evidence a credible repayment strategy.
LTVs are available up to 75 per cent on loans ranging from £10,000 to £250,000. There are no restrictions on the number of buy-to-let properties within a landlord’s portfolio.
The deals will be available to intermediaries who specialise in advising and arranging second charge mortgages.
West One said that this new buy-to-let range was part of plans to broaden its range of lending options. The lender’s core business is providing short-term bridging loans on residential and commercial property.
West One Loans sales director Marie Grundy says: “Second charge buy-to-let plans are a valuable option to landlords who may have experience greater difficulty in remortgaging recently.
“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 loan could be the most appropriate financial solution for borrowers.”