West One has launched its lowest ever 5-year fixed rate second charge mortgage at 4.05%.
Buy-to-let second charge rates have been reduced across the LTV ranges, starting from 5.99%, down from 6.49%.
The lender has also changed its criteria so it now only requires a minimum mortgage history of 12 months, from 24 months.
West One can now take applications from borrowers working on zero hours contracts and DSS tenants will also be accepted on its second charge buy-to-let range.
Marie Grundy, managing director, second charges at West One, said: “We have made some extremely positive changes to our second charge range of mortgages, which not only offer borrowers access to lower rates of interest but are also designed to vastly improve the customer journey. This will serve to reduce the time it takes for applications to reach offer stage.
“These changes reflect our commitment to continuing to support the second charge market by providing broker partners with an even more compelling second charge proposition.
“With more firms and customers adapting to more fluid working arrangements we are confident these changes will help to provide greater flexibility when dealing with West One.”
West One’s 75% LTV range has also been cut by up to 0.30%, starting from 4.65%.
Apex 1 rates, for customers with less than perfect credit, have been cut across all LTVs (maximum 75%) starting from 5.55%, from 5.85%.
Meanwhile, loan sizes have increased from £150,000 to £250,000 up to 70% LTV on the Apex 0 plan, for prime borrowers.
