West One Loans is launching a range of second charge buy-to-let products tomorrow (10 January).
The lender said the move is part of its expansion of its lending range into longer-term second charge mortgages.
Rates start from 6.99% and the range includes consumer buy-to-let products.
Variable rate products include ‘no ERC’ options alongside two, three and five-year fixed rate deals. LTVs will be available up to 75% and loan amounts ranging from £10,000-£250,000.
There will be no restrictions placed on the number of buy-to-let properties within a landlord’s portfolio, while an interest-only option will be available to borrowers who can evidence a credible repayment strategy.
The products will be available through selected firms who specialise in advising and arranging second charge mortgages.
Marie Grundy, sales director at West One Loans, said: “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.”
