The changes include four new plans: platinum, prime plus, prime, and near prime.

The lender has also made rate reductions of up to 1.30%, with shorter term fixed rates to start from 6.49%.

The lowest price is available in the platinum tier for loans up to 65% loan-to-value (LTV) on a two-, three- or five-year fixed term.

West One has also made changes to credit eligibility rules. More borrowers will now qualify for lower-priced products, including those who missed payments on unsecured credit and mortgage accounts, as well as borrowers who have historic or more recent CCJ’s and defaults.

In addition, options for interest-only products are now included in the standard product range up to 65% LTV for platinum and prime plus borrowers.

Interest-only products now have rates that start from 6.49%, with lower lending fees, reduced minimum income and loan size requirements, a maximum end-of-term age increase to 75 years, and the removal of the minimum property value.

It has also made AVMs up to 80% available in both the platinum and prime plus product range.

West One’s latest second charge product refresh also aims to offer more opportunities for BTL landlords to access second charge mortgage finance, including rate reductions up to 166 basis points with prices to start at 6.99%.

In addition, the lender has reduced stress testing to allow more borrowers to qualify for second charge BTL products.

West One managing director of residential mortgages and second charges Marie Grundy says: “This is the first in a series of exciting developments on the horizon from West One as we are proactively tackling some of the biggest challenges borrowers face when trying to access mortgages and other specialist finance products.”

“The refresh aims to bring more needs-based solutions to a wider range of borrowers, with a higher degree of accessibility. This includes lower incremental changes between product plans and rates that are designed to solidify West One’s position as a leading lender in the second charge market.”