West One has relaunched its buy-to-let (BTL) and second charge products with new rates and criteria to support borrowers as the UK economy emerges from lockdown.
The specialist property finance lender suggested its changes are designed to provide its broker partners with greater opportunities, and include limited edition products.
West One has enhanced its overall BTL range with rises in LTVs from 70% to 75%, increasing its maximum loan size to £1m from £750,000, and rate reductions of up to 65 basis points.
The lender revealed the range is also now available to landlords who have previously taken a payment holiday – as long as normal payments have resumed and at least two payments have now been made.
West One BTL managing director, Andrew Ferguson, said: “Our refreshed range of products and criteria will support our broker partners and demonstrates our commitment to this market.
“We continued to perform strongly during lockdown and are confident our broad range of specialist BTL 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.”
West One has also reintroduced its second charge residential prime plan, Apex 0, and increased loan sizes on its BTL second charge range – with loan sizes now available up to £125,000 and LTVs up to 70%.
Further enhancements to the lender’s criteria have been designed for self-employed borrowers to benefit and include 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, the lender added.
“These major enhancements to both our second charge residential and BTL product ranges represent our most significant set of changes since the onset of lockdown,” West One sales director, Marie Grundy, added. “They also underline our commitment to the second charge market at a time when products are in shorter supply.”
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