West One confirms second charge changes

West One Loans has announced new product and criteria enhancements to its Apex 1 second charge mortgage range, including a move to raise the LTV from 80% to 85%.

The lender’s Apex 1 range is for customers whose credit score is less than perfect or may have historical credit issues.

Highlights of the changes include variable rate products without early repayment charges (ERCs) being reduced from 5.55% to 5.15%. The two-year fixed rate is now 5.25%, down from 5.85%, and no longer carries ERCs. Five-year fixed rates now start from 5.35%, which is down from 6.19% with ERCs, while without ERCs the rates begin at 5.85%, having previously sat at 6.49%.

The lender’s Apex 0 product range for borrowers with good credit profiles still has rates starting from 3.99%.

West One managing director, second charges, Marie Grundy, commented: “Since the start of 2021 we have seen strong demand for our second charge mortgage products with borrowers taking advantage of record low interest rates.

“Increasingly, we are seeing greater diversity both in terms of loan purpose and the profile of borrowers benefitting from second charge finance. For example, more higher value loans are being taken out for home improvements by people with property valued above £1 million.

“At West One we are constantly looking at ways to improve our product offering to ensure we are reaching a broad range of borrowing needs. This latest set of changes support that ethos.”

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