The specialist property finance lender said the revamped product set would also meet the needs of borrowers in the fast-changing market and as the economy emerges from lockdown.

Buy-to-let

West One has enhanced its overall buy-to-let range, with increases in loan-to-value (LTV) sizes and a significant rate reduction.

And it is now also available to landlords who have previously taken a payment holiday as long as normal payments have resumed and at least two have been made.

As well as in an increase from 70% LTV to 75% LTV the products’ maximum loan sizes have increased from £750,000 to £1 million

All rates have been reduced by up to 65 basis points and now start at 3.59% for standard products residential and 3.79% on specialist products

West One’s standard and specialist buy-to-let products are available to first-time and experienced landlords, where the applicant owns their own residential property.

Its specialist range of buy-to-let mortgages is available for expats, holiday lets and Airbnb, houses in multiple occupation (HMO) and Multi-Unit Blocks (MUB). It can be accessed by both individual and limited-company borrowers.

Second charge

In its second charge range, West One has reintroduced its popular second-charge residential prime plan, Apex 0, with rates starting from 3.99%.

It has also increased loan sizes on its buy-to-let second charge range, with loans available up to £125,000 and LTVs up to 70%.

Further enhancements to its criteria mean self-employed borrowers will benefit from streamlined criteria and processes, including reductions to the minimum trading period from three years down to two.

Borrowers who have recently exited payment holidays or returned to work from furlough can now be considered on a number of plans up to 65% LTV.

West One runs a ‘no credit scoring’ approach with specialist underwriting on all applications available up to a term of 30 years.

Andrew Ferguson, managing director at West One Buy-to-Let, said: “We continued to perform strongly during lockdown and are confident our broad range of specialist buy-to-let products, along with repricing across our entire range, provides a compelling and competitive reason to use West One.

“We have further ambitious plans lined up for later this month which will further enhance our offering and we will confirm further details shortly.”

Marie Grundy (pictured), sales director for West One, added: “These major enhancements to both our second charge residential and buy-to-let product ranges represent our most significant set of changes since the onset of lockdown. They also underline our commitment to the second-charge market at a time when products are in shorter supply.”