Specialist property finance lender West One has reintroduced its buy-to-let and second charge products with new rates and criteria.

To support borrowers as the economy emerges from lockdown, West One is now revamping its product set.

The changes are designed to provide its broker partners with greater opportunities, including limited-edition products to support that.

Buy-to-let products

The enhanced buy-to-let range includes increases in loan-to-values (LTVs), loan sizes and a significant rate reduction.

The products are now also 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.

Key features are:

• Increase from 70% LTV to 75% LTV.

• Maximum loan size increased from £750,000 to £1 million.

• All rates reduced by up to 65 basis points and now starting at 3.59% for standard residential products and 3.79% for specialist products.

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

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

Second-charge products

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

The lender has also increased loan sizes on its buy-to-let second-charge range, with loan sizes now available up to £125,000 and LTVs up to 70%, while continuing to offer competitive rates.

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

What’s more, 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, comments: “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 buy-to-let products, along with repricing across our entire range, provides a compelling and competitive reason to use West One.”

Marie Grundy, sales director for West One, says the major enhancements underlines West One’s commitment to the second-charge market at a time when products are in shorter supply.

She adds: “The return of our prime plan, Apex 0, and increased options for landlords and self-employed borrowers, combined with the introduction of products for borrowers exiting payment holidays, mean an even broader range of borrowing needs can be met through our comprehensive second charge product offering.”