"Second charge buy-to-let plans are a valuable option to landlords who may have experienced greater difficulty in remortgaging recently or may not wish to disturb their existing buy-to-let mortgage deal."
West One Loans is launching a range of second charge buy-to-let products as part of its ongoing expansion into the longer-term second charge lending space.
Rates will start from 6.99% up to 75% LTV with loan amounts ranging from £10,000-£250,000.
The range includes consumer buy-to-let products and variable rates including No ERC options alongside two, three and five-year fixed rates.
West One will place no restrictions on the number of buy-to-let properties within a landlord’s portfolio and interest only-options will be available to borrowers who "can evidence a credible repayment strategy".
West One says the products will be available through "selected firms who specialise in advising and arranging second charge mortgages".
The lender rolled out its second charge lending proposition with selected brokers in September following a pilot launch which began 12 months ago. The firm will also be launching into development finance lending in 2018.
Marie Grundy, Sales Director at West One Loans, commented: “Second charge buy-to-let plans are a valuable option to landlords who may have experienced greater difficulty in remortgaging recently or may 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. 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, built on West One’s solid reputation for taking time to understand individual borrower needs, combined with our in-depth understanding of the second charge market. This means we can cater for borrowers who require a bespoke approach to lending, such as property professionals and landlords."