A second charge mortgage range has been launched by West One Loans designed for people who want to help a family member with a deposit to buy a home.

The new range is aimed at the Bank of Mum and Dad with rates starting from 3.99 per cent at LTVs up to 75 per cent.

This follows on from recent research published by Legal and General that the Bank of Mum and Dad contributes to almost a quarter of UK property transactions.

West One is also reducing its second charge rates for self-employed borrowers and introducing a range of two-year fixed rates both starting from 3.99 per cent.

Self-employed borrowers who are the main income earner, can now access West One’s lowest-priced second charge products. They must show evidence of a minimum income of £40,000 via their latest SA302 and been trading for at least two years.

West One sales director Marie Grundy says: “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.”