West One enhances second charge products for BoMaD

West One has launched an initiative to support the Bank of Mum and Dad (BoMaD) via its second charge mortgage range.

The new range – which sees rates start from 3.99% at loan-to-values (LTVs) up to 75% – is designed to facilitate family assisted purchasers through a second charge mortgage.

It can be used where borrowers wish to gift a deposit to family members looking to get onto the property ladder.

This follows recent research by Legal & General that the BoMaD continues to act as a driving force behind the recovery of the housing market.

The research also found almost a quarter of UK property transactions are being backed by financial contributions from family members in 2020.

In addition, self-employed borrowers can now access West One’s lowest-priced second charge products, so long as they provide evidence of a minimum income of £40,000 via their latest SA302 and have been trading for a minimum of two years.

Marie Grundy, sales director of West One, comments: “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.”

“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,” she concludes.