West One has made a number of changes to its residential and buy-to-let (BTL) second charge ranges.
Within the lender’s residential second charge range, regular overtime and commission will now be considered for non-key workers.
It has also increased loan sizes for its prime product ranges, up to £500,000 and up to 65% loan-to-value (LTV).
West One has also added a 5-year fixed rate product without early repayment charges (ERCs) to its Apex 1 range and enhanced automated valuation model (AVM) criteria across all residential products.
In addition, the maximum LTV has been increased to 75% for all plans and standard loan sizes with rates from 3.99%.
The lender’s buy-to-let second charge range has seen its maximum LTV increased to 75% and increased loan sizes of up to a maximum £250,000.
Expats and loans secured on licensed houses of multiple occupancy (HMOs) will now also be considered within this product range, and West One will accept up to three loans per borrower up to a maximum gross loan of £500,000.
This 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%.
According to the firm, the changes are designed to target underserved areas of the market, for example borrowers exiting payment holidays, employees who have returned from furlough, non-key workers and landlords.
Marie Grundy, sales director at West One Loans, said: “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.
“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.”