West One Loans is adding two new credit tiers to its residential range to target more borrowers who fall outside mainstream lending criteria.

The new Premier and Platinum tiers will launch on Friday and are designed for borrowers with historic credit issues, minor blips more recently and those with complex income.

They are in addition to the lender’s existing Prime Plus, Prime and Near Prime tiers.

Five-year fixed rates in the new Premier tier start from 5.89% while Platinum rates are from 5.99%, both of which are five-year fixed rates.

Two-year fixed rates start from 6.05%.

Following the overhaul, the lender’s five credit tiers will each have their own maximum LTV, with the Premier tier going up to 95% LTV and the Near Prime tier going up to 75% LTV..

The maximum LTV on West One’s Prime range will be increased to 80% LTV.

In addition, self-employed borrowers with a minimum of one year’s trading will now qualify for the lender’s Prime Plus tier, offering LTVs of up to 85%.

This was previously restricted to 75% for self-employed borrowers with less than two years’ proof of income.

West One will also improve its criteria for borrowers with unsecured arrears across its newly introduced Premier and Platinum plans.

The lender is making a number of further criteria updates, including changes that allow borrowers with missed payments to access higher LTVs.

It is bringing in a single £1,795 fee across the range while at the same time increasing the number of products in its arrangement fee-free range.

Managing director of residential mortgages and second charges Marie Grundy says: “This is one of the most significant set of changes we have made to our range since we entered the residential market a little over two years ago.

“By introducing two new credit tiers and more accommodative criteria for those borrowers with a less-than-perfect credit profile, we will be able to help an even greater number of customers who may fail to meet the criteria of High Street lenders or who have complex income requirements.

“While we believe these changes will provide valuable solutions to borrowers struggling to gain access to finance, they will also make navigating our range far simpler for advisers.”

She says the lender will be making further enhancements soon.