West One unveils second charge residential and BTL changes

West One Loans has announced a series of enhancements to its residential and buy-to-let (BTL) second charge product ranges.

The move follows the expansion of West One’s product range last month which saw the reintroduction of its ‘Prime Plan’ with rates starting from 3.99%.

The lender suggested its latest changes are designed to target borrowers exiting payment holidays, employees who have returned from furlough, non-key workers and landlords.

West One has increased LTVs to 75% for second charge BTLs, increased loan sizes up to a maximum of £250,000 and also announced a return to its pre-Covid criteria, which includes the consideration of applications from ex-pats and loans secured on licensed HMO’s.

Amongst the lender’s residential second charges changes, West One has increased loan sizes for its prime product ranges up to £500,000 and up to 65% LTV. 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, the lender stated.

“I am proud that West One has 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,” said West One sales director, Marie Grundy.

“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, commented: “We are delighted to see further positive changes from West One, particularly as they are one of the few lenders offering BTL 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.”

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