West One reintroduces second load products at 85% LTV
West One has reintroduced mortgage products available up to 85% LTV in its second fee line.
Maximum loan amounts have also been increased across the range, along with rate reductions of between 1% and 1.24% applied to near-premium Apex 2 products.
Additionally, the LTV increases have been applied to West One’s full line of residential second load products.
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This includes its Apex 0 and Apex 1 plans, which were previously capped at 75% with LTVs increased to 85% and 80% respectively.
West One has also introduced improved maximum LTV bands in its Apex 2 range, going from 60% to 75% LTV.
For loans secured by borrower’s primary residence loans, loan size has been increased for many products including Apex 0 loan size increased from £ 100,000 to £ 150,000 by up to 75% of the LTV.
The size of Apex 1 loans has been increased from £ 150,000 to £ 250,000 up to 70% LTV, and at 75% the size of LTV loans has increased from £ 75,000 to £ 100,000.
Additionally, Apex 2 loan sizes have increased from £ 100,000 to £ 250,000 up to 50% LTV, and at 65% LTV loan sizes have increased from £ 75,000 to £ 150,000.
At LTVs up to 65% lower, loans of up to £ 500,000 remain available through the Apex 0 and Apex 1 product line.
In addition, the Apex 2 range has been enhanced with fixed rate and variable rate plans over 5 years, both with options without prepayment charges, and rates starting at 5.95%.
For second-load borrowers, West One has simplified the proof of income requirements to ensure the correct tax bracket has been applied in the affordability assessment.
The salaried candidates only need a payslip dated from the last 60 days and the self-employed must present the latest SA302. You can easily take $255 loans in CA.
Maximum loans for BTL have also been increased from £ 125,000 to £ 150,000 up to 70% LTV and from £ 75,000 to £ 100,000 up to 75% LTV.
Marie Grundy, Managing Director of Second Charges at West One, said: “We are truly excited to present this latest round of enhancements designed to provide greater flexibility for borrowers looking to raise additional funds secured against their primary residence or the purchase of let properties.
“The changes introduced will undoubtedly increase the range of advisory options available to our broker partners who, in turn, will meet an even wider range of borrowing needs.
“There is pent-up demand for higher LTVs and we are seeing more and more requests for larger loans.
“As we emerge from the lockdown, we believe these products will be particularly appreciated by more people looking to improve their homes; and to meet the growing demand we are seeing to finance real estate purchases either as an investment or to help young family members take their first steps into home ownership.