West One reintroduces BTL second charges and opens criteria

The new buy-to-let range is available to capital and interest and interest-only borrowers, with rates starting from 6.49 per cent and a maximum loan to value of 65 per cent.

Loans are available from £10,000 to £250,000, but are only for individual landlords.

It is also increasing its support for self-employed borrowers by lifting the maximum LTV to 75 per cent, and AVMs will be available up to 65 per cent LTV on Apex 1 plans.

Restrictions on acceptable loan purposes have also been removed with products to repay current performing individual voluntary agreements (IVA) and debt management plans (DMPs) available.

West One said the changes aimed to make lending more accessible and support brokers when the market has seen a shift in access to lending and an increased feeling of uncertainty about the future.

Commitment to brokers

Marie Grundy (pictured), sales director for West One, said she was pleased West One had continued to support the second charge market during the turbulent times.

“This latest set of changes validates our commitment to our broker partners seeking to support those customers who are able to demonstrate long term affordability,” she said.

“We have always looked for opportunities to provide access to products for underserved borrowers, with our buy-to-let second charge range being a great example of this, but this takes on increased significance at a time when product options across the sector are in shorter supply.”

CSC Loans managing director Mark Fry added: “The changes West One have made are extremely positive which will create more opportunities for homeowners and landlords to access second charge finance at a time when product availability is restricted.

“It is even more impressive that as a non-bank lender West One have been at the forefront of specialist lending during these exceptional times, and continue to deliver innovative and well-designed products to meet the needs of a wider range of borrowers.”