West One confirmed non buy-to-let income can be used towards the affordability assessment for their second charge buy-to-let mortgage products.
Borrowers whose rental income covers 100% of the combined mortgage and second charge loan repayment are eligible to be considered for the new enhanced criteria to meet the debt to service cover ratios determined by tax banding starting at 125%.
This will be used towards the affordability assessment alongside their committed expenditure and current assets and liabilities.
The lender launched its lowest ever 5-year fixed rate at 4.65% in recent weeks, alongside a range of 5-year fixed rates without early repayment charges.
West One is also offering buy-to-let products for expats, buy-to-let mortgage prisoners, and extending lending to new security types including licensed Houses of Multiple Occupations (HMOs).
Marie Grundy sales director at West One, said: “We believe second charges will play an increasingly important role in the buy-to-let sector, providing landlords and property professionals with vital access to equity, facilitating investment into existing buy-to-let properties through home improvements, as well as enabling portfolio expansions.”
Tim Wheeldon, COO at Fluent for Advisers, said: “We are delighted to see that West One continues to demonstrate such a forward thinking and considered approach to the needs of intermediaries and their BTL customers through these latest enhancements.”
West One is planning to launch into development finance in Q2 2018, after lending £2.5bn since launch in 2007.