This news comes after the lender’s expansion of their product range last month which included the reintroduction of its ‘Prime Plan’ with rates starting from 3.99%.
The latest changes aim to target undeserved areas of the market, which will in turn benefit borrowers exiting payment holidays, employees who have recently returned from furlough, as well as non-key workers and landlords.
Across its residential second charge range, West One has enhanced its AVM criteria, increased its loan sizes on prime products, and increased LTVs up to 75%.
The lender will also take into consideration regular overtime and commission for non-key workers, where this is sustainable and in line with earnings from previous years.
Workers returning from furlough must be on full pay and pre-furlough hours, whilst not being on notice of redundancy or similar. For borrowers exiting payment holidays, they are required to have made at least one full contractual mortgage payment. Where applicable, affordability will be assessed on the restructured payment.
Loan sizes have also increased to a maximum of £250,000, and LTVs have increased to 75% for second charge buy-to-lets.
West One has also returned to its pre-Covid criteria, including consideration of applications from expats and loans secured on licensed HMOs. They will now also accept up to three loans per borrower up to a maximum gross loan of £500,000.
Marie Grundy, sales director at West One Loans, commented: “I am proud that West One has been able to play a significant role in ensuring that a wider range of borrowers can continue to access second charge finance throughout these uncertain times. At a time when mortgage intermediaries are working in more challenging circumstances, with particular regard to service and product availability, it is more important than ever that specialist finance products, such as second charges, are considered as part of the standard advice process to ensure borrowers needs are being met by the most appropriate product.”
Original article featured here…
The news comes after West One announced the launch of two new limited edition buy-to-let products last month.