West One increases second charge LTVs to 75 per cent and ups loan size caps

Maximum loans sizes have been raised to £500,000 on prime product ranges, and a new five-year fix has been added with early repayments charges to its Apex 1 range.

The lender will consider regular overtime and commission for non-key workers, where this is sustainable and in line with previous year’s earnings.

And on buy to let, loan sizes are to be increased to £250,000 as the lender reinstates pre-Covid lending criteria, which includes considering loans for ex-pats and licensed HMOs.

On residential, the lender will also consider workers returning from furlough. To be eligible, the borrower must return to work on full pay and pre-furlough hours. Borrowers exiting payment holidays will also be considered if they have made at least one full contractual mortgage payment.

Marie Grundy, sales director at West One Loans (pictured), 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.”