West One Loans unveils second charge lending changes

West One Loans has announced several changes to its second charge mortgage range, including the return of 85% LTV products for prime borrowers.

Maximum loans sizes have also been increased across the lender’s entire range, along with significant rate reductions of between 1% and 1.24%.

LTV increases have been applied to West One’s full range of residential second charge products, which includes West One’s Apex 0 and Apex 1 plans that were previously capped at 75%, with LTVs increased to 85% and 80% respectively. West One has also introduced an improved maximum LTV banding to its Apex 2 range, rising from 60% to 75% LTV.

For second charge buy-to-let (BTL) borrowers, West One has streamlined income proof requirements to ensure the correct tax banding has been applied within the affordability assessment. The lender revealed that employed applicants just need one payslip dated within the last 60 days while self-employed applicants must show the latest SA302.
The lender’s maximum loans for BTL have also been increased from £125,000 to £150,000 up to 70% LTV, and from £75,000 to £100,000 up to 75% LTV.
“We are really excited to introduce this latest set of enhancements which are designed to provide greater flexibility for borrowers looking to raise additional funds secured against their main residence or BTL properties,” said West One managing director second charges, Marie Grundy.

“The changes introduced will undoubtedly increase the range of advice options available to our broker partners which will in turn meet an even broader range of borrowing needs.

“There is a pent-up demand for higher LTVs and we are seeing more requests for larger loan sizes. As we gradually come out of lockdown, we believe these products will be popular particularly with more people looking to make home improvements; and to meet the increased demand we are seeing to fund property purchases either as an investment or to assist younger family members taking their first steps in property ownership.”

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