Equifinance is a specialist second charge mortgage lender established in 2010, providing secured lending solutions through a network of regulated intermediaries across the UK.
A defining feature of Equifinance's approach is the combination of technology and human underwriting. Technology is used to give intermediaries greater certainty at an early stage, while an underwriter remains involved in considering the individual application rather than relying entirely on an automated process.
Equifinance's ECHO broker portal provides an end-to-end process from initial enquiry through to completion. The system incorporates instant credit decisioning, an instant Hometrack valuation and an affordability calculation, allowing an intermediary to establish at an early stage whether a second charge case may be able to progress.
This can be particularly useful where a broker wants early clarity around credit, valuation and affordability before a full application is packaged and submitted.
Equifinance second charge lending can support customers looking to raise funds for a variety of purposes, including refinancing or consolidating existing debts, home improvements and other significant expenditure, subject to current criteria and affordability.
Within our Second Charge Mortgage panel, Equifinance is particularly useful where early technological decisioning is valuable but the case still benefits from human underwriting and individual consideration.
Key Second Charge Strengths: Human underwriting | Early digital decisioning | ECHO broker portal | Instant valuation and affordability checks | Debt consolidation and home improvement purposes
Evolution Money is an established specialist secured-loan lender focused on second charge mortgages for UK homeowners. It has provided secured lending to more than 31,000 customers and positions its proposition around considering the customer's wider circumstances rather than relying solely on their credit history.
Evolution may be particularly relevant where a client's previous credit history makes accessing more mainstream borrowing difficult. Rather than automatically excluding an applicant because of historic credit issues, Evolution considers the customer's current circumstances and ability to afford the proposed borrowing.
Evolution can consider applicants who have been self-employed for at least 12 months, providing another potential route for cases where employment circumstances require a more specialist approach.
Affordability is a central part of Evolution's assessment. Its application process includes a detailed income-and-expenditure review covering contractual commitments and regular household expenditure, with the aim of establishing whether the proposed second charge borrowing is sustainable.
Evolution's second charge loans can be used for a range of purposes, including debt consolidation, home improvements and other significant expenditure, while allowing the client's existing first charge mortgage to remain in place.
Within our Second Charge Mortgage panel, Evolution can be particularly relevant where historic credit circumstances or the client's employment position require more individual consideration than a straightforward high-street profile.
Key Second Charge Strengths: Historic credit issues considered | Current affordability focus | Self-employed applicants | Debt consolidation | Home improvements | Retaining the existing first mortgage
Interbridge Mortgages is a specialist lender focused specifically on the second charge mortgage market. It works through an approved panel of intermediaries and combines experienced underwriting with technology designed to make the application process straightforward and efficient.
Interbridge's proposition combines a common-sense approach to underwriting with a technology-led application process. Its criteria can accommodate a variety of customers, including employed, self-employed and professional self-employed applicants, with a broad range of income types considered.
Rather than applying a simple adverse-credit unit system, Interbridge reflects adverse credit within the rate offered. This can provide additional options for cases where a client's credit profile requires more individual consideration.
The lender also offers a choice of fixed and variable rate products, including options without early repayment charges, together with the ability to make unlimited partial overpayments.
Speed is an important part of the Interbridge proposition. The lender uses automated documentation, electronic signatures, a customer app and a broker portal providing real-time application updates.
Interbridge currently states that, once an application has been submitted, customers generally receive their funds within 10 days, with more than half receiving their funds within seven days. Actual completion times will depend on the individual circumstances and requirements of each application.
Interbridge considers second charge borrowing for a broad range of purposes, which can include home improvements, debt consolidation, significant personal expenditure and certain business-related purposes, subject to current criteria and regulation.
Within our Second Charge Mortgage panel, Interbridge can be particularly useful where speed, efficient processing and a lender with a dedicated focus on second charges are important considerations.
Key Second Charge Strengths: Dedicated second charge specialist | Speed | Technology-led processing | Common-sense underwriting | Broad income consideration | Flexible product options
Masthaven Finance is an established specialist property finance lender with a second charge mortgage proposition designed to accommodate customers whose circumstances may require a more individual approach to underwriting.
Masthaven's second charge proposition is particularly relevant where a client's circumstances require a more specialist assessment.
Its published criteria are designed to accommodate a wide range of circumstances, including:
Rather than restricting its proposition to straightforward applicants, Masthaven operates a tiered approach to credit circumstances. This allows different levels of recent credit history to be considered within its lending assessment, subject to the overall case meeting its criteria.
A key strength of Masthaven is its willingness to consider cases where the overall circumstances require a more detailed assessment.
Its published case studies include second charge applications involving active IVAs, maternity leave income, undistributed company profits, mortgage arrears and combinations of debt consolidation and home improvement.
This makes Masthaven particularly relevant where there is a good underlying case but one or more aspects of the client's credit profile, income structure or circumstances fall outside more conventional lending criteria.
Masthaven has also stated that it is prepared to apply judgement when assessing cases, with an emphasis on understanding the wider circumstances rather than expecting every applicant to fit a standard profile.
Masthaven offers second charge mortgages secured against owner-occupied residential property, with both fixed and variable rate options available.
Funds can be considered for any legal purpose, subject to underwriting, allowing applications to cover requirements such as debt consolidation, home improvements and other capital-raising purposes.
Masthaven can be particularly useful for cases where the client's circumstances need to be looked at in greater detail rather than assessed against straightforward mainstream lending criteria.
Its appetite for complex income, differing credit profiles, IVAs and DMPs, together with its ability to consider non-standard properties, means there can be a number of different reasons why a case may fit the Masthaven proposition.
Key Second Charge Strengths: Complex credit | Complex income | IVAs & DMPs considered subject to criteria | Non-standard properties | Individual case assessment | Residential second charge flexibility
Norton Home Loans is an established specialist first and second charge mortgage lender with more than 50 years' experience helping homeowners whose circumstances may not fit mainstream high street lending criteria.
Its second charge proposition is designed for homeowners looking to raise additional capital against their property where remortgaging their existing first charge mortgage may not be appropriate or in the client's best interests.
A particular strength of Norton is its experience in dealing with customers whose circumstances may require specialist consideration.
Norton can consider cases involving previous credit difficulties, including CCJs and defaults, subject to its current lending criteria and the individual circumstances of the applicant.
Rather than treating historic credit problems as an automatic reason to decline a case, Norton may consider the reasons behind the credit issues. This can be particularly relevant where previous financial difficulties arose following circumstances such as redundancy, long-term illness or relationship breakdown and the client's position has subsequently improved.
Norton can also consider cases involving previous mortgage arrears, Debt Management Plans (DMPs) and Individual Voluntary Arrangements (IVAs), subject to criteria and satisfactory explanations of the circumstances.
Norton's proposition extends beyond credit history. The lender identifies credit profile, income and property type as areas where it may be able to assist customers who do not meet standard high street lending requirements.
Its second charge mortgages can provide an option for clients looking to raise capital while retaining their existing first charge mortgage.
Borrowing can be considered for a variety of purposes, including debt consolidation and home improvements, subject to the application meeting Norton's lending and affordability requirements.
Norton lends on residential properties and offers both fixed and variable rate second charge mortgage products.
Norton operates through registered mortgage intermediaries rather than customers applying directly to the lender.
An interesting feature of its intermediary proposition is the flexibility it gives brokers around packaging. Registered intermediaries can choose to package an application themselves or use Norton's own packaging service to manage the case from enquiry through to completion.
Norton also provides intermediary support through its Business Development Managers and specialist lending team.
Norton Home Loans can be particularly useful where a client has a good underlying case but aspects of their credit history, income or circumstances mean that a more specialist approach is required.
Its willingness to consider the background to previous credit problems can be valuable where the client's historic credit profile does not necessarily reflect their current circumstances.
As a specialist mortgage packager, Trust Hall can assess the case against Norton's current lending criteria, gather and check the required documentation and present the application in a clear and comprehensive way.
Where Trust Hall packages the application, we manage the case on the introducing broker's behalf, liaising with Norton and responding to underwriting requirements through to completion.
Key Second Charge Strengths: Established specialist lender | Impaired credit considered | CCJs & defaults considered | DMPs & IVAs considered subject to criteria | Niche lending criteria | Experienced specialist underwriting
Pepper Money is an established specialist mortgage lender offering first charge, second charge and buy-to-let mortgage solutions. Within the second charge market, Pepper has significant experience helping homeowners raise additional capital against their property.
Pepper's second charge products are distributed through broker partners, making the intermediary an important part of assessing the customer's requirements and identifying an appropriate solution.
One of Pepper Money's key strengths is the breadth of its second charge proposition.
Rather than focusing on one narrow type of specialist customer, Pepper offers a range of second charge solutions designed to accommodate different circumstances, credit profiles and borrowing requirements.
Pepper places particular emphasis on a human approach to underwriting. This means looking beyond the credit score to understand the customer's wider circumstances, affordability and the reasons behind elements of their financial history.
This approach can be particularly valuable where a customer has a viable case but their circumstances require more individual consideration than a purely automated lending decision may provide.
Pepper can consider a variety of income and employment circumstances as part of its second charge assessment.
This can include employed and self-employed applicants, contractors and other acceptable sources of income, subject to its current criteria and the supporting evidence available.
For brokers dealing with clients whose income does not fit a straightforward employed profile, understanding how Pepper assesses and evidences different sources of income can therefore be an important part of correctly packaging the application.
A Pepper Money second charge mortgage can allow a homeowner to raise additional funds while retaining their existing first charge mortgage.
This can be particularly relevant where replacing the client's existing mortgage may not be appropriate, for example because they wish to retain an existing mortgage product or because their requirement is specifically for additional borrowing.
Funds can be considered for a variety of purposes, subject to Pepper's current lending criteria and affordability assessment.
These may include home improvements, reorganising existing finances and other significant expenditure.
Pepper Money has substantial experience in the homeowner loan market and states that it has provided more than £1.8 billion of homeowner loans since 2014.
Its second charge proposition includes a range of fixed, discounted and variable rate products, providing different options depending on the circumstances and objectives of the customer.
Pepper's current proposition can accommodate substantial borrowing, subject to the individual application meeting its lending, affordability and security requirements.
Pepper Money's broad proposition makes it a lender that can potentially be considered across a wide variety of second charge cases rather than being limited to one particular type of customer.
Its combination of product choice, specialist criteria and human underwriting can be particularly useful where a case needs to be assessed on its individual merits.
For Trust Hall, understanding where a case sits within Pepper's proposition is important. We assess the client's circumstances against Pepper's current criteria, gather and check the supporting documentation and package the application before submission.
Key Second Charge Strengths: Established second charge lender | Broad product range | Human underwriting | Complex circumstances considered | Varied income sources | Significant second charge lending experience
Scroll Finance is a technology-led specialist lender whose live second charge proposition is focused on Buy-to-Let property, allowing eligible landlords to release equity from investment property without replacing the existing first charge mortgage.
Its current proposition includes Buy-to-Let second charge lending, allowing landlords to release equity from existing investment properties without replacing their existing first charge mortgage.
Scroll is particularly differentiated by its combination of specialist secured lending and technology.
Its proprietary lending platform, Neo, has been designed to create a fully digital application journey, using automated processes and data to provide faster decisioning while retaining access to experienced underwriters where a case requires individual consideration.
For intermediaries, the platform provides real-time quotes and case tracking, with Scroll promoting Day 1 conditional offers and a streamlined digital process from application through to completion.
This makes Scroll particularly interesting where speed, visibility of the application and efficient processing are important considerations.
A particularly distinctive area of Scroll's proposition is Buy-to-Let second charge lending.
Rather than requiring a landlord to refinance an existing Buy-to-Let mortgage, a second charge can potentially allow them to release equity while retaining the existing first charge arrangement.
This could be useful where funds are required for purposes such as:
Scroll can consider both individual landlords and Special Purpose Vehicle (SPV) applicants, subject to its current lending criteria.
Its proposition can also accommodate portfolio landlords and borrowing against single or multiple security properties, including standard Buy-to-Let and HMO properties.
One of the more unusual features of Scroll's proposition is its Home Equity Line of Credit (HELOC).
Alongside a traditional second charge loan, eligible borrowers can potentially access a revolving facility which allows further drawdowns and repayments during the facility period.
For landlords, this can provide additional flexibility when managing a property portfolio, particularly where access to capital may be required at different stages rather than as a single one-off advance.
This is a notably different proposition from a conventional second charge mortgage and is one of the features that distinguishes Scroll within the specialist lending market.
Scroll has built its proposition around a digital application process designed to reduce unnecessary delays.
Its platform incorporates automated underwriting and integrates services including identity verification, Open Banking, automated valuations and income verification.
Scroll currently promotes Day 1 conditional offers and funding in as little as five days for its live proposition, although actual completion times will depend on the circumstances and requirements of the individual application.
Importantly, the technology is supported by experienced underwriters and dedicated case ownership rather than operating as a purely automated lending process.
Scroll brings something different to our lender panel through its combination of second charge lending, Buy-to-Let specialism and technology-led processing.
Its Buy-to-Let proposition can be particularly interesting where a landlord has equity within an existing investment property but does not necessarily want to disturb the existing first charge mortgage.
The Home Equity Line of Credit also provides an alternative to conventional one-off borrowing for eligible landlords who may benefit from more flexible access to capital.
Key Second Charge Strengths: Buy-to-Let second charges | Technology-led lending | Portfolio landlords | SPVs considered | HELOC facility | Fast digital processing | Dedicated case ownership
Selina Finance is a specialist secured lender established in 2019, providing regulated second charge lending through a select panel of intermediaries.
A key feature of Selina's proposition is that it offers two distinctly different ways for homeowners to access equity within their property: a traditional Homeowner Loan and a Home Equity Line of Credit (HELOC).
Selina's major point of difference is its Home Equity Line of Credit.
Unlike a conventional second charge mortgage where the full loan is advanced at completion, the HELOC provides an agreed credit facility secured against the client's property.
The client can draw funds when required, repay them and potentially draw them again during the available drawdown period. Importantly, interest is charged only on the amount actually drawn rather than the full available credit limit.
This can provide an alternative for clients who know they will require access to capital but do not necessarily need all of the borrowing immediately.
Selina describes its HELOC as the first product of its kind in the UK.
The facility can be particularly useful where expenditure is expected to occur at different stages rather than as one single transaction.
Potential uses can include:
The ability to draw, repay and redraw funds gives the HELOC a very different structure from a conventional second charge mortgage.
There are no early repayment charges on Selina's HELOC, providing additional flexibility for clients who expect to repay some or all of the borrowing during the facility period.
For clients who know exactly how much they need and require all of the borrowing from the outset, Selina also offers a more conventional Homeowner Loan.
The Homeowner Loan is a second charge mortgage which provides the agreed borrowing as a lump sum at completion while leaving the client's existing first charge mortgage in place.
This can potentially be used for purposes including home improvements, debt consolidation and other significant expenditure, subject to Selina's current lending criteria and affordability assessment.
Having both options means the structure of the borrowing can be considered alongside the client's actual requirements: a lump sum where all the funds are needed immediately, or a HELOC where greater flexibility over when funds are drawn may be beneficial.
Selina states that it takes a flexible and holistic approach when considering customers, including those who are self-employed or who may have experienced difficulty obtaining finance from mainstream high street lenders.
Its broker proposition combines technology with human decision-making, with access to specialist underwriting support where a case requires further consideration.
Selina also operates through broker and intermediary partnerships, making understanding and correctly presenting the client's circumstances an important part of the application process.
Selina brings a genuinely different option to the Trust Hall second charge panel because the conversation does not necessarily have to begin with simply asking how much the client wants to borrow.
For some clients, an equally important question is when they actually need access to the money.
Where the full amount is required immediately, Selina's Homeowner Loan may provide the more appropriate structure. Where expenditure will occur over a period of time, the flexibility of the HELOC may offer an alternative worth considering.
Key Second Charge Strengths: Home Equity Line of Credit (HELOC) | Draw, repay and redraw | Interest charged only on funds drawn | No HELOC early repayment charges | Traditional lump-sum second charge option | Flexible secured lending
Step One Finance is a specialist consumer and secured lender established in 2010. Its residential second charge proposition is designed to help qualifying homeowners access equity held within their property.
The lender describes its approach as being built around responsibility, transparency, fairness and simplicity, with its secured lending proposition designed to help customers access equity held within their property.
One of the more distinctive aspects of Step One's proposition is its ability to consider second charge lending at relatively high loan-to-values.
Its current published criteria allow residential second charge applications to be considered up to 95% combined loan-to-value, subject to the client's circumstances, affordability and the lender's full underwriting requirements.
This can make Step One worth considering where a client has a genuine capital-raising requirement but has less available equity than might be required by some other specialist lenders.
Step One also starts from relatively modest loan amounts, meaning its proposition can potentially accommodate both smaller capital-raising requirements and substantially larger second charge applications.
Step One considers second charge borrowing for a wide range of purposes, subject to its current lending criteria and affordability assessment.
These can include:
The breadth of acceptable loan purposes can be useful where a client's requirement falls outside straightforward home improvement or debt consolidation borrowing.
Step One states that it has a range of products designed to accommodate customers in different circumstances, including some applicants who have experienced credit problems in the past.
Previous credit difficulties do not therefore necessarily prevent a case from being considered, although the outcome and product available will depend on the applicant's individual circumstances, previous credit conduct and Step One's lending criteria at the time of application.
As a secured lender, Step One assesses both the customer's personal circumstances and the suitability of the property being offered as security.
The lender places importance on ensuring the proposed repayments are affordable alongside the customer's existing financial commitments.
Step One currently advises that its second charge applications typically take longer than an unsecured loan because of these additional checks, with the lender stating an average completion period of approximately three to four weeks.
Step One can provide an interesting option where loan-to-value is a significant consideration, particularly where a residential second charge needs to be assessed at a higher combined LTV.
Key Second Charge Strengths: High-LTV residential second charges | Up to 95% combined LTV subject to criteria | Broad loan purposes | Smaller and larger capital requirements | Previous credit issues considered
Together is an established specialist lender with extensive experience in secured property finance. Its regulated second charge mortgage proposition provides homeowners with an option to raise additional capital against their property while retaining their existing first charge mortgage.
Together's second charge proposition is particularly suited to cases where the client's income, credit history, property or overall circumstances require individual consideration.
Rather than relying solely on an automated credit decision, second charge applications can be manually assessed by an underwriter who considers the wider circumstances of the case.
This can be particularly valuable where there is a sound reason for the additional borrowing but the application does not fit comfortably within more conventional lending criteria.
Income assessment is an important area of Together's second charge proposition.
Together can consider self-employed applicants with only one year's trading history, subject to its current criteria, affordability assessment and satisfactory evidence.
It can also consider cases involving more complex or varied income structures, giving brokers another potential option where the client's earnings cannot be demonstrated through a straightforward employed salary.
For second charge applications, this can be particularly useful where the client wants to retain an existing first charge mortgage but their current income circumstances make raising additional borrowing through more conventional routes difficult.
Together's second charge criteria can accommodate a range of previous credit circumstances, subject to the individual application.
A particularly specialist element of its current proposition is its approach to Individual Voluntary Arrangements (IVAs). Certain satisfied IVAs can be considered, while an active IVA may also be considered by referral where the required criteria are met and the second charge borrowing is being used to repay the IVA.
This can provide an additional second charge route for certain clients whose historic or current credit circumstances significantly restrict the number of lenders available to them.
Together can also consider a broad range of property structures within its secured lending criteria.
This can become important on a second charge application because the client may have a perfectly serviceable existing first mortgage but discover that the property type restricts the lenders willing to provide the additional secured borrowing.
Together's specialist approach means that certain properties requiring individual consideration or referral may still be assessed rather than automatically excluded.
A Together second charge mortgage can allow an eligible homeowner to release equity while leaving their existing first charge mortgage in place.
This can be particularly relevant where a client has an existing mortgage they do not wish to disturb but needs to raise additional capital.
Depending on the circumstances and current lending criteria, second charge borrowing may be considered for purposes including home improvements, debt consolidation and other capital-raising requirements.
The suitability of a second charge compared with alternatives such as a further advance or remortgage would need to be considered based on the client's individual circumstances.
Within our Second Charge Mortgage panel, Together can be particularly useful where a case contains an element that requires more specialist consideration — whether that's the client's income structure, previous credit history, property or a combination of circumstances.
Our knowledge of Together's second charge criteria allows us to assess whether the case is likely to fit its current lending appetite before an application is submitted.
Key Second Charge Strengths: Complex income | Self-employed applicants | Individual underwriting | Previous credit issues considered | IVAs considered subject to criteria | Broader property consideration | Capital raising while retaining the first mortgage
United Trust Bank (UTB) is an established specialist lender with considerable experience in the second charge mortgage market. UTB's mortgage division originally entered the specialist mortgage market with second charge mortgages in 2015 and has since developed a broad proposition for customers whose circumstances may require an alternative to mainstream lending.
A particular strength of UTB's second charge proposition is the breadth of cases it can consider.
Its current criteria are designed to accommodate different customer circumstances, including complex income, self-employed applicants, contractors, unusual property types and customers with elements of adverse credit history.
This makes UTB relevant across a broad spectrum of second charge cases rather than restricting its proposition to one narrow customer profile.
UTB has developed its second charge range to accommodate customers across different credit profiles.
Its current proposition includes several product tiers, ranging from customers with strong credit histories through to specialist products capable of considering certain recent CCJs and defaults, subject to the lender's current criteria and full underwriting assessment.
This tiered approach can provide additional options where a customer has a genuine requirement to raise capital but their credit history means that a straightforward prime second charge product may not be appropriate.
Importantly, the existence of previous credit problems does not automatically mean a case will fit. The nature, value and timing of any adverse credit, together with the customer's wider circumstances and affordability, will determine which options may be available.
Income is another area where UTB's second charge proposition can provide flexibility.
The lender can consider a variety of income circumstances, including:
For second charge cases, this can be particularly useful where the client has sufficient income to support the proposed borrowing but does not fit a conventional employed-income profile.
UTB's specialist approach also extends to the property being offered as security for the second charge.
Its published criteria can consider a range of property types and construction methods that may fall outside the appetite of some mainstream lenders.
These can include, subject to criteria and individual assessment:
This can be particularly valuable on a second charge application where the client already has an existing mortgage but the property construction or type limits the lenders willing to provide additional secured borrowing.
UTB can consider second charge borrowing for a range of purposes.
More common requirements include home improvements and debt consolidation, but its experience extends to less conventional capital-raising requirements where these meet its current lending criteria.
This gives the lender the ability to consider the purpose of the borrowing alongside the customer's overall circumstances rather than limiting second charge lending to only one or two standard uses.
UTB also offers different product structures, including fixed and tracker options, together with products where no early repayment charge option is available.
Another important aspect of UTB's second charge proposition is the combination of manual underwriting and technology.
UTB manually underwrites its mortgage cases, allowing an underwriter to consider the individual circumstances rather than relying entirely on an automated decision.
At the same time, technology is used to help streamline the second charge process. Depending on the application, this can include automated property valuations and digital processes intended to reduce unnecessary delays.
This combination can be particularly useful in specialist second charge lending, where efficiency is important but the circumstances of the case may still require human judgement.
Within our Second Charge Mortgage panel, UTB is particularly useful because its proposition covers several of the areas that regularly make a case specialist.
Complex income, self-employment, previous credit issues and unusual property types can all create difficulties when trying to raise additional secured borrowing. UTB's second charge criteria provide another potential route where one or more of these factors are present.
The breadth of its product range also means that UTB should not necessarily be viewed only as an adverse-credit lender. Its second charge proposition extends across different customer profiles, from stronger credit cases through to applications requiring more specialist consideration.
Key Second Charge Strengths: Established second charge experience | Broad credit spectrum | Complex income | Self-employed & contractors | Unusual property types | Manual underwriting | Technology-supported processing | Multiple loan purposes
West One is an established specialist lender offering a comprehensive range of second charge mortgage solutions for homeowners looking to raise additional capital while retaining their existing first charge mortgage.
Its second charge range caters for a broad spectrum of borrowers, from customers with strong high street credit profiles through to applicants whose circumstances or credit history require a more specialist approach.
One of the key strengths of West One's second charge proposition is the breadth of customers it can accommodate.
Rather than concentrating solely on borrowers with adverse credit, West One has developed different product tiers designed to cater for customers ranging from strong credit profiles through to those who may have experienced more significant credit issues.
This means West One can potentially be considered for both straightforward capital-raising cases and applications requiring more specialist underwriting.
An important feature of West One's second charge approach is that applicants are not simply assessed against an automated credit score.
West One manually underwrites second charge applications, allowing the lender to consider the individual circumstances behind the case and the applicant's credit history.
Depending on the product tier and circumstances, West One can consider applicants with previous or existing CCJs and defaults, missed unsecured payments and certain missed mortgage payments.
This individual approach can be particularly valuable where the client's overall circumstances are sound but their credit file contains issues that require explanation rather than an automatic lending decision.
West One's second charge criteria also provide options for certain customers who have entered an Individual Voluntary Arrangement (IVA) or Debt Management Plan (DMP).
Depending on the relevant product tier and conduct of the arrangement, West One can consider applications where an existing IVA or DMP will be repaid using the proceeds of the second charge mortgage.
This can provide a specialist option for certain debt consolidation cases where the objective of the borrowing is to reorganise the client's existing commitments and improve their overall financial position.
Any such application remains subject to West One's current criteria, affordability assessment and individual underwriting.
Affordability is another area where West One's second charge proposition can offer flexibility.
Its current product range includes options without conventional loan-to-income restrictions, allowing affordability to be considered using a broader assessment of the client's income, expenditure and existing commitments.
West One can also consider a variety of income circumstances and currently has options for employed applicants with relatively short employment histories, subject to the relevant criteria.
This can be useful where the client's borrowing requirement is affordable but a rigid income multiple or conventional assessment would otherwise restrict the amount available.
West One also operates at the larger end of the second charge market.
Its current proposition can accommodate substantial second charge borrowing, subject to the client's circumstances, affordability, property value and the relevant product criteria.
This can make West One particularly useful where a client needs to raise a significant amount of capital for purposes such as major home improvements or the purchase of another property or investment.
Interest-only second charge options are also available within its proposition, subject to acceptable repayment strategy and current lending criteria.
West One specifically identifies speed as one of the strengths of its second charge proposition.
A second charge can provide an alternative where a client needs to raise capital but does not want to disturb their existing first charge mortgage.
This may be particularly relevant where the client:
The suitability of a second charge compared with a remortgage or further advance will depend on the client's individual circumstances and objectives.
Within our Second Charge Mortgage panel, West One is particularly useful because of the breadth of its proposition.
It should not be viewed simply as an adverse-credit lender. Its different product tiers allow us to consider West One across a spectrum of cases, from customers with strong credit profiles through to clients whose circumstances require more specialist consideration.
Manual underwriting can be particularly valuable where there is a story behind the client's credit history, income or overall circumstances that needs to be properly understood and presented.
West One's ability to consider larger second charge requirements, different credit profiles, flexible affordability and certain IVA/DMP cases means there are several different circumstances in which its proposition may be relevant.
Key Second Charge Strengths: Prime to near-prime range | Manual underwriting | No credit scoring | Flexible affordability | IVAs & DMPs considered subject to criteria | Larger second charge requirements | Interest-only options | Residential second charge specialism