West One is improving criteria across its residential and buy-to-let second charge product ranges.  

This latest changes are designed to benefit underserved areas of the market such as borrowers exiting payment holidays, employees who have returned from furlough, non-key workers and landlords.

In its buy-to-let second charge range it is increasing maximum loan-to-values from 70 to 75 per cent and maximum loan size to £250,000.

Also for second charge buy-to-let West One has reintroduced pre-Covid criteria, including consideration of applications from expats and loans against licensed houses in multiple occupation. 

The lender will now also accept up to three loan application per borrower up to a maximum gross value of £500,000 after this was restricted to one loan per borrower during lockdown.

In the lender’s residential second charge range there have also been improvements to criteria.

Regular overtime and commission can now be considered for non-key workers, where this is sustainable and in line with previous years’ earnings.

Increased loan sizes of up to £500,000 for prime products, where this was previously only available through referral to underwriters during lockdown.

West One has also launched a five-year fix with no early repayment charges.

It has increased maximum LTVs for borrowers exiting payment holidays and returning from furlough to 75 per cent and they can now access standard loan sizes.

Previously LTVs for these borrowers were capped at 65 per cent and the maximum they could borrow was £100,000.

West One sales director Marie Grundy says: “I am proud that we have 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.”

The Loans Engine chief executive Ryan McGrath says: “We are delighted to see further positive changes from West One, particularly as they are one of the few lenders offering buy-to-let second charges.  

“We are seeing increased demand from landlords who want to take advantage of the stamp duty concessions to expand their property portfolio, and the flexibility of multiple applications combined with increased LTVs and loan sizes will provide even greater options for property investors.”