West One has launched an initiative to support the ‘Bank of Mum and Dad’ via its second charge mortgage range.
The lender announced that its new range, with rates starting from 3.99% at LTV’s up to 75%, has been designed to facilitate family assisted purchases through a second charge mortgage.
Products can be used where borrowers wish to gift a deposit to family members looking to get onto the property ladder, West One said.
The move follows recent research published by Legal and General that showed the Bank of Mum and Dad is continuing to act as a “driving force” behind the recovery of the housing market. L7G revealed that almost a quarter of UK property transactions are being backed by financial contributions from family members in 2020.
West One sales director, Marie Grundy, commented: “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.”
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