Specialist lender West One Loans has widened its buy-to-let criteria to support a broader range of property investors, including those with minor adverse credit and those seeking Day 1 remortgages.
The lender will now accept small county court judgments (CCJs) and defaults across its W1, W2 and W3 product ranges, with the most flexible approach applied to its W3 range.
Under the new rules, borrowers with a single default or CCJ under £250 from the past 72 months may still qualify for W1 products.
For W2, the same allowance applies within a 36-month window. Meanwhile, such small credit issues will be disregarded altogether under the W3 range.
The changes are designed to help more landlords with limited credit blemishes access West One’s most competitive pricing tiers. The lender is also offering greater flexibility for those seeking early refinancing.
In addition, West One has confirmed it will now consider Day 1 remortgages based on open market value, provided the landlord can evidence that improvements have added value to the property since its purchase.
SELF-EMPLOYED CONSIDERATIONS
Meanwhile, the lender will now consider self-employed applicants who are both first-time buyers and first-time landlords, by referral, up to 75% loan-to-value. To be eligible, these borrowers must be at least 25 years old, have a minimum income of £25,000, and a trading history of at least two years.
Marie Grundy (pictured), managing director of mortgages at West One, said the revised criteria reflected the lender’s ongoing dialogue with brokers and its commitment to meeting the evolving needs of the buy-to-let market.
“These latest enhancements to our buy-to-let criteria open up greater access to our most competitive rates across a wider range of credit profiles,” she said. “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.”
Grundy added that the change in approach to Day 1 remortgages was the result of close consultation with intermediary partners.
“Following close collaboration with our broker partners, we’ve adopted a more pragmatic approach to Day 1 remortgages, using open market valuations when renovations have clearly added value,” she said.
West One hinted that further updates to its product offering are on the way, with Grundy stating that this announcement is “just the beginning of a series of changes we will be unveiling in the coming months.”
