The four new second charge credit tiers are Platinum, Prime Plus, Prime and Near Prime.
Within its second charge range, pricing cuts of up to 1.3% have been introduced, with shorter-term fixed rates starting from 6.49%.
The lowest pricing is available in its Platinum range for loans at 65% loan to value (LTV) for a two-, three- and five-year fixed rate term.
West One Loans has also changed its credit eligibility rules so more borrowers qualify for lower-priced products. This includes those who have missed payments on unsecured and mortgage accounts and borrowers with historical or more recent county court judgments (CCJs) and defaults.
Interest-only options are included in the standard product range up to 65% LTV for Platinum and Prime Plus range and pricing starts at 6.49%.
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The interest-only option also has lower lending fees, lower minimum income and loan size requirements, a maximum end-of-term age increase to 75 years and the removal of minimum property value.
Automatic valuation models (AVMs) up to 80% are available in both the Platinum and Prime Plus product ranges and allow borrowers to “benefit from reduced valuation requirements”.
West One Loans said the refresh of its second charge range aims to “more opportunities for buy-to-let landlords to access second charge mortgage finance”.
Rate cuts of 166 basis points have been applied and pricing starts from 6.99%. Stress testing will allow borrowers to qualify.
Marie Grundy (pictured), West One Loans’ managing director of residential mortgages and second charges, said: “This is the first in a series of exciting developments on the horizon from West One as we are proactively tackling some of the biggest challenges borrowers face when trying to access mortgages and other specialist finance products.
“The refresh aims to bring more needs-based solutions to a wider range of borrowers, with a higher degree of accessibility. This includes lower incremental changes between product plans and rates that are designed to solidify West One’s position as a leading lender in the second charge market.”
Last month, the firm unveiled a £1,000 cashback deal.
