West One has reintroduced 80% and 85% loan-to-value (LTV) second charge mortgage products within its Prime Plus range.
Available from tomorrow, Friday 5th January, the product caters for minimum loan sizes of £150,000, up to 80% LTV, starting from 9.19%, and £100,000 up to 85% LTV starting from 11.50%.
In addition, the lender also made significant rate reductions across its residential mortgage range.
Its 5-year fixed rates will start from 6.59%, 3-year fixed rates from 7.39%, and 2-year fixed rates from 7.59%.
West One also increased its maximum loan term from 30 to 35 years for residential mortgages – excluding interest-only – to provide borrowers with additional flexibility.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “It is really encouraging to see West One return with second charge 85% LTV products.
“While first charge rates have taken the limelight with competitor repricing heating up, there are plenty who are still tied into low longer term fixed deals.
“For clients unable to raise additional funds, second charges are a useful option and these latest rate and criteria changes will help many mortgage holders looking at these options.”
