West One has announced a series of changes to its buy-to-let product range, introducing more flexible criteria to support a wider range of landlord borrowers.
The lender has eased restrictions around minor adverse credit, with W1 products now allowing one default or CCJ under £250 within the past 72 months.
On the W2 range, the same applies within a 36-month window. For W3 products, CCJs and defaults under £250 are disregarded entirely.
West One has also updated its Day 1 remortgage policy to consider open market value where landlords can demonstrate value-adding improvements since purchase.
The criteria for self-employed first-time buyers and first-time landlords have also been relaxed. Borrowers in this category will be considered by referral up to 75% LTV, provided they have a 2-year trading history, a minimum income of £25,000, and are at least 25 years old at application.
Marie Grundy, managing director of mortgages at West One, said: “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.
“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.”
She added: “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.
“This is just the beginning of a series of changes we will be unveiling in the coming months as we continue our focus on developing our product range to meet the evolving needs of UK landlords.”
