West One has announced a major refresh of its second charge mortgage offering, introducing new product tiers, substantial rate reductions, and updated lending criteria for both residential borrowers and landlords.

The lender’s revised product suite includes four new tiers – Platinum, Prime Plus, Prime, and Near Prime – designed to accommodate a broader range of credit profiles.

The restructured range features rate reductions of up to 1.30%, with shorter-term fixed rates now starting from 6.49%, positioning West One among the most competitive providers in the second charge market. The lowest rates are available through the Platinum tier on loans up to 65% loan-to-value (LTV), with 2-, 3-, and 5-year fixed term options.

REVISED CRITERIA

Eligibility criteria have also been revised, making it easier for borrowers with past credit issues to access more competitively priced products. This includes applicants with missed payments on unsecured credit or mortgage accounts, as well as those with historic or recent County Court Judgments (CCJs) and defaults.

Interest-only products are now part of the standard range for Platinum and Prime Plus borrowers, available up to 65% LTV.

These products feature rates from 6.49% and come with lower lending fees, reduced minimum income and loan size thresholds, an increased maximum borrower age of 75 at term-end, and the removal of the minimum property value requirement.

Automated Valuation Models (AVMs) are now permitted up to 80% LTV in both the Platinum and Prime Plus tiers, streamlining the application process and reducing the need for physical valuations.

BUY-TO-LET LANDLORD FOCUS

The changes also strengthen West One’s offering for buy-to-let (BTL) landlords. Second charge BTL rates have been cut by as much as 166 basis points, with pricing starting from 6.99%. Stress testing requirements have been eased, increasing access for landlords seeking alternative funding options.

These updates come at a time when regulatory changes – including upcoming reforms to stamp duty, the Renter’s Reform Bill anticipated in late 2025, and proposed adjustments to Minimum Energy Efficiency Standards – are prompting many landlords to reassess their financing strategies.

BIGGEST CHALLENGES

Marie Grundy (main picture), Managing Director of Residential Mortgages & Second Charges, said: “This is the first in a series of exciting developments on the horizon from West One as we are proactively tackling some of the biggest challenges borrowers face when trying to access mortgages and other specialist finance products.”

And she added: “The refresh aims to bring more needs-based solutions to a wider range of borrowers, with a higher degree of accessibility. This includes lower incremental changes between product plans and rates that are designed to solidify West One’s position as a leading lender in the second charge market.”