"We are building a product set designed to meet the changing needs of our brokers and borrowers."
- Marie Grundy, managing director of residential mortgages at West One
West One Loans has announced the largest single set of product additions and enhancements since the launch of its first charge residential proposition in October 2022.
The lender has introduced a combination of eleven new offerings, with the most significant changes focusing on applications from those with skilled worker, health and care and UK ancestry visas. Those borrowers that have lived in the UK for a minimum of 24 months and possess recent credit history will be able to apply for loans up to 90% LTV.
Alongside this, West One has also widened its AVM criteria to include remortgage, unencumbered and transfer of equity applications for loans of up to £300,000. It has also increased the maximum property value up to £1 million and made that available up to 70% LTV (subject to minimum confidence levels).
The move further enhances West One’s existing fast-track remortgage process which offers legal services from on-site solicitors with average completion times of 11 days from offer.
Other highlights include a new maximum of 85% LTV on new build properties and an increase in the loan size of £2.5m by referral for Prime Plus cases up to 65% LTV.
The minimum property value has reduced from £100,000 to £75,000 and the maximum age of interest-only customers has increased from 70 years to 75 years at the end of loan term.
In addition, up to 100% of second job income will now be considered for affordability when applicants have held the role for 12 months.
Alongside this, return to work income for borrowers on maternity leave can be considered if employers confirm they are returning to work within six months.
Marie Grundy, managing director of residential mortgages and second charges at West One Loans, said: “The mortgage market is dynamic and ever-changing. In the current climate our borrowers need a lender that can be flexible and sensible in equal measure.
“We are always analysing the market carefully and listening to our customers to see what they need and how we can provide it. After careful consideration we have found yet more ways, we can enhance our offering to help real people get the mortgage they need to match their own circumstances.
“At West One we are aiming for growth, and to help us on that journey, we are building a product set designed to meet the changing needs of our brokers and borrowers.”
