West One , the specialist bridging finance and buy to let finance lender, has announced updates to its second charge product range, to aid family assisted purchases.
The rates start at 3.99% at LTVs up to 75%.
This ‘Bank of Mum and Dad’ initiative will enable borrowers to gift a deposit to a family member in order that they can get on the property ladder. This year, nearly one in four UK housing transactions were backed by financial support from family members, according to Legal and General research.
For self-employed borrowers, West One has introduced a range of two-year fixed rates starting from 3.99% and in addition has made a reduction in its second charge rates.
Marie Grundy, sales director at West One, said: “West One is always looking for ways to bring innovation to the mortgage market. Our Bank of Mum and Dad initiative highlights the flexibility of second charge mortgages and how they can work in tandem with the first charge market.
“This is particularly relevant at a time when there have been significant supply issues with higher LTV products in the mainstream market mainly affecting first-time buyers.
“In addition to helping the Bank of Mum and Dad, we are continuing our drive to support underserved areas of the market.
“Our latest set of changes will be of significant benefit to self-employed borrowers whose needs are often more complex and best served by a more bespoke approach to underwriting.”
Original article featured here…
This news follows the recent updates to West One’s residential and buy-to-let second charge product ranges.
For more on Legal and General research on the Bank of Mum and Dad see here…
source https://commercial-mortgages-broker.co.uk/news/57597/
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