West One Loans has pegged back rates on its second charge mortgage range by as much as 77 basis points.  

The specialist lender says its Apex 0 range – for borrowers with good credit profiles – now starts at 7.99%.  

Its Apex 1 and Apex 2 ranges – for customers with less-than-perfect credit profiles, or who have had historical credit issues – have been cut by up to 77bps and 65bps, respectively. These ranges now start at 8.99% and 9.99%, respectively.  

The firm adds that its interest-only five-year fixed-rate home loan has been cut by 71 bps — and has applied a 45bps reduction to its buy-to-let, green second charge five-year fixed-rate product.  

Both its green buy-to-let second charge and interest-only large loan second charge ranges now start at 8.99%.  

West One Loans managing director of residential mortgages and second charge Marie Grundy says: “The demand for second charge loans remains strong at a time when product transfer activity is dominating the remortgage space.   

“Second charges provide a valuable option for borrowers, predominantly those with high street mortgages, who are looking for ways to raise additional capital alongside their product switch.   

“It is with this in mind that we want to be able to offer the very best products we possibly can to brokers and their clients, so that we can support UK borrowers can meet their additional borrowing needs.”