West One Loans has cut rates by up to 0.77% on its second charge mortgage range as part of a major repricing.
The specialist lender’s rates on its Apex 0 – for borrowers with good credit profiles – now start at 7.99%.
It cut its Apex 1 and Apex 2 ranges – for those with less-than-perfect credit profiles or who have had historical credit issues – by up to 0.77% and 0.65%, respectively.
These now start at 8.99% and 9.99%.
West One also cut its interest-only 5-year fixed rate by 0.71%, and applied a 0.45% reduction to its buy-to-let, green second charge 5-year fixed product.
Both the lender’s range of green buy-to-let second charge products and its interest-only large loan second charge products now start at 8.99%.
Marie Grundy (pictured), managing director of residential mortgages and second charge at West One Loans, said: “We have shown time and time again how committed we are to supporting borrowers looking for second charge mortgage finance.
“We always endeavour to provide customers with the most competitive and flexible range of lending options as we can, and I am therefore delighted that we have been able to make such significant and sweeping reductions.”
She added: “The demand for second charge loans remains strong at a time when product transfer activity is dominating the remortgage space.
“Second charges provide a valuable option for borrowers, predominantly those with high street mortgages, who are looking for ways to raise additional capital alongside their product switch.
“It is with this in mind that we want to be able to offer the very best products we possibly can to brokers and their clients, so that we can support UK borrowers meet their additional borrowing needs.”
