West One Loans has made a number of changes to its second charge product range.
The specialist lender has reintroduced its buy-to-let second charge product range and is allowing applications from self-employed borrowers up to 75% loan to value (LTV).
AVMs are now available up to 65% LTV on Apex 1 plans, while restrictions on acceptable loan purposes have been removed.
West One says these changes are designed to make lending more accessible and to support its broker partners at a time when the market has seen a shift in access to lending and an increased feeling of uncertainty about the future.
Marie Grundy, sales director for West One, said: “I am extremely proud that West One has continued to support the second charge market during turbulent times. This latest set of changes validates our commitment to our broker partners seeking to support those customers who are able to demonstrate long term affordability.
“We have always looked for opportunities to provide access to products for underserved borrowers, with our buy-to-let second charge range being a great example of this, but this takes on increased significance at a time when product options across the sector are in shorter supply.”
To further support this, West One has also taken the opportunity to make some changes to their wider criteria and provide further clarity where appropriate on the current approach to lending. These changes reaffirm their commitment to the second charge market and the impact of these changes is proving a welcome relief to brokers and their customers.
Mark Fry, managing director of CSC Loans, added: “The changes West One have made are extremely positive which will create more opportunities for homeowners and landlords to access second charge finance at a time when product availability is restricted.
“It is even more impressive that as a non-bank lender West One have been at the forefront of specialist lending during these exceptional times, and continue to deliver innovative and well-designed products to meet the needs of a wider range of borrowers.”