Employees who have returned from furlough as well as non-key workers and landlords are among those who the lender hopes will benefit from the alterations to the residential and buy-to-let products.

The move comes in the month after West One expanded its product range to reintroduce its Prime Plan with rates starting from 3.99%.

Buy-to-let second charge

Changes being introduced to the second charge buy-to-let range mean loan-to-values (LTVs) have been increased to 75% and loan sizes have been raised up to a maximum of £250,000.

West One will be returning to its pre-Covid criteria, including consideration of applications from ex-pats and loans secured on licensed HMO’s.

The lender will now also accept up to three loans per borrower up to a maximum gross loan of £500,000.

Residential second charges

Regular overtime and commission can now be considered for non-key workers, where this is sustainable and in line with previous year’s earnings, thanks to changes to the residential second charge range.

These mortgage will now also benefit from increased loan sizes for the prime product ranges, up to £500,000 and up to 65% LTV and the addition of a five-year fixed rate without ERC’s to the Apex 1 range.

There will be enhanced AVM criteria across all residential products and borrowers exiting payment holidays or returning from furlough will be considered.

West One said it was offering ncreased LTV’s up to 75% and access to all plans and standard loan sizes with rates from 3.99%.

However, workers must have returned to work on full pay and pre-furlough hours providing confirmation from their employer and not be on notice of redundancy or similar.

Borrowers exiting payment holidays will need to have made at least one full contractual mortgage payment and affordability will be assessed on the restructured payment where applicable.

Service standards

West One also said it was operating at normal service standards, which could prove critical for borrowers with applications which are subject to specific timescales such as home improvements or property purchases.

Marie Grundy, Sales Director West One Loans, said: “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.”

Ryan McGrath, chief executive of The Loans Engine, said: “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 LTV’s and loan sizes will provide even greater options for property investors.”