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West One Loans shakes up second charge products

West One Loans has shaken up and added new propositions to its second charge mortgage product range.

The lender reports that it has cut rates across its Prime, Near Prime and Buy to Let ranges, with rates for residential borrowers starting from 3.79 per cent on products up to 65 per cent LTV and 5.59 per cent for BTL second charges.

Additionally, those applying for the lender’s Apex Prime and Apex 1 products on loans of up to 65 per cent LTV will now be able to borrow up to £7500,000 (or £1m on referral).

Meanwhile, the lender has expanded the range of its ERC-free products across all of its Apex Prime range, which includes two- and five-year fixed rate as well as variable rate choices.

Additionally, West One has launched a new two-year fixed rate ERC-free Near Prime product and a five-year BTL product, also ERC-free.

West One Loans sales director Marie Grundy says: “The latest data from the Finance and Leasing Association revealed second charge mortgage completions exceeded £100m in October for the first time since 2008 – which highlights the ever-increasing demand from consumers for second charge borrowing. Our latest changes will provide even greater options for a wider range of borrowers.

Brightstar Financial head of second charge Darren Perry comments: “This is a fantastic amendment to West One’s range and will make second charge mortgages even more accessible to our brokers and their clients.

“We have already seen demand for the product and have been able to provide an option for one client who previously had no suitable products available to them, as well as improving the rate we were able to recommend to another client.”

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