West One makes key second charge criteria change

Buy-to-let income to be allowed

West One will now allow non buy-to-let income to be used towards the affordability assessment for its second charge buy-to-let mortgage products.

Borrowers whose rental income covers 100% of the combined mortgage and second charge loan repayment are eligible to be considered for the new enhanced criteria to meet the debt to service cover ratios determined by tax banding starting at 125%. This will be used towards the affordability assessment alongside their committed expenditure and current assets and liabilities.

This announcement comes off the back of a number of product and criteria changes to West One’s entire second charge range of residential and buy-to-let products. This included West One launching its lowest ever five-year fixed rate of 4.65%, alongside a range of five-year fixed rates without early repayment charges. West One also developed buy to let products for expats, buy-to-let mortgage prisoners, and extending lending to new security types including licensed HMOs.

Marie Grundy, sales director at West One, said: “We are committed to delivering products which meet the growing needs of borrowers who would benefit significantly from a second charge mortgage.

“We believe second charges will play an increasingly important role in the buy-to-let sector, providing landlords and property professionals with vital access to equity, facilitating investment into existing buy-to-let properties through home improvements, as well as enabling portfolio expansions.

“West One has the ability to provide agile and innovative second charge product solutions to offer intermediaries and their clients greater financial options when it comes to accessing equity in their residential and investment properties.”

Tim Wheeldon, COO at Fluent for Advisers, added: “We are delighted to see that West One continues to demonstrate such a forward thinking and considered approach to the needs of intermediaries and their buy-to-let customers through these latest enhancements.”

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