West One Loans has made product and criteria changes to its Apex 1 second charge mortgage range including raising the loan to value from 80% up to 85%.

The Apex 1 range is for customers whose credit score is less than perfect or may have historical credit issues.

Changes include variable rate products without early repayment charges (ERCs) being reduced from 5.55% to 5.15%.

The two-year fixed rate is now 5.25%, down from 5.85%, and no longer carries ERCs.

Five-year fixed rates start from 5.35%, down from 6.19%, with ERCs; and without ERCs the rates begin at 5.85%, previously 6.49%.

West One’s Apex 0 product range for borrowers with good credit profiles still has rates starting from 3.99%.

The lender’s criteria changes take into account the easing of Covid-19 restrictions. Applications from borrowers from all employment sectors are now permitted provided they are not currently on furlough and annual bonuses will be considered for employed borrowers including non-key workers.

In addition, the minimum property value for borrowers living in ex council houses has been reduced from £150,000 to £100,000 up to 75% LTV.

Marie Grundy (pictured), managing director, second charges, at West One Loans, said: “Since the start of 2021 we have seen strong demand for our second charge mortgage products with borrowers taking advantage of record low interest rates.

“Increasingly, we are seeing greater diversity both in terms of loan purpose and the profile of borrowers benefitting from second charge finance. For example, more higher value loans are being taken out for home improvements by people with property valued above £1 million.

“At West One we are constantly looking at ways to improve our product offering to ensure we are reaching a broad range of borrowing needs. This latest set of changes support that ethos.”