West One relaunches second charge and BTL ranges with criteria changes

  • 03/08/2020
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West One relaunches second charge and BTL ranges with criteria changes
West One has reintroduced its prime second charge loan range with rates starting from 3.99 per cent and criteria changes for self-employed and furloughed borrowers.


Loans of £250,000 will be accepted up to 75 per cent loan to value (LTV).

The lender will accept applications from furloughed employees who are going back to work on the same salary and hours as they were contracted before the pandemic, at up to 65 per cent LTV.

Borrowers who have taken payment holidays but are no longer freezing payments will also be considered.

At the same time, West One has improved its self-employed criteria by reducing its minimum time trading from three years to two years.



The lender has also opened-up its overall buy-to-let range. The range is available to landlords who have taken a payment holiday as long as normal payments have resumed and at least two payments have now been made.

Its maximum buy-to-let LTV has been increased from 70 per cent to 75 per cent LTV.

The maximum loan size has been raised from £750,000 to £1m.

All rates have been reduced by up to 65 basis points and now start at 3.59 per cent for standard product residential deals and 3.79 per cent on specialist products.

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

Marie Grundy, sales director for West One (pictured), said: “These major enhancements to both our second charge residential and buy-to-let product ranges represent our most significant set of changes since the onset of lockdown.

“They also underline our commitment to the second-charge market at a time when products are in shorter supply.”

Specialist lenders have begun to re-enter the market as funders grow in confidence.

Last week, Fleet Mortgages cut rates across its standard, limited company and houses of multiple occupation (HMO) ranges after getting the green light from its financial backers.

Meanwhile, Foundation Home Loans has raised £350m in its latest securitisation deal.

The lender now has more than £1bn in warehouse funding in place to cover its lending targets over the next 12 months.


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