Across its W1 products, West One Loans will now allow one default or county court judgment (CCJ) in the last 72 months and under £250.
For W2 products, this will be allowed within the last 36 months. Defaults and CCJs under £250 will not be taken into account on its W3 range.
West One Loans said this widening of the criteria would allow more landlords to access its products.
The lender will also consider day one remortgages based on open market value, where the landlord can evidence value-adding improvements made to the property since they purchased.
Further, West One Loans will consider first-time buyers or first-time landlords by referral, up to 75% loan to value (LTV). These applicants will need a two-year trading history, a minimum income of £25,000 and to be at least 25 years old at the time of applying.
Discover Halifax Premier
Sponsored by Halifax Intermediaries
Marie Grundy, managing director of mortgages at West One Loans, said: “These latest enhancements to our BTL criteria open up greater access to our most competitive rates across a wider range of credit profiles. This enables us to serve the needs of more property investors, from first-time buyers and landlords to experienced portfolio landlords with more complex borrowing requirements.
“Following close collaboration with our broker partners, we’ve adopted a more pragmatic approach to day one remortgages, using open market valuations when renovations have clearly added value.”
She added: “This is just the beginning of a series of changes we will be unveiling in the coming months as we continue our focus on developing our product range to meet the evolving needs of UK landlords.”
Earlier this month, the firm launched 97.5% LTV deals and cut rates.
