West One has announced a significant expansion of its residential mortgage and second charge offerings, enhancing options for borrowers and brokers alike. This move introduces larger maximum loan sizes and improved credit criteria, reflecting a growing demand in the mortgage market.
What Are the Key Changes in West One’s Offerings?
The lender has introduced a new prime credit tier for residential mortgages, allowing lending up to 90% LTV. This tier is available for first-time buyers, home movers, and remortgage customers, with loan-to-income (LTI) multiples reaching 6.5x as standard. Additionally, maximum loan sizes for the extra residential range have increased, now allowing borrowing of up to £1 million at 85% LTV in the premier extra and platinum extra product tiers.
How Do These Changes Affect Borrowers?
For borrowers, these enhancements mean more accessible financing options, especially for those with strong credit profiles but facing isolated financial setbacks. The increased maximum loan sizes and enhanced AVM criteria—now accepted at lower confidence levels up to 75% LTV—provide a wider array of choices for those looking to purchase or remortgage.
What This Means for Brokers in the Mortgage Market
Brokers will benefit from the increased flexibility that West One’s updated criteria offer. The lender’s commitment to removing barriers for borrowers allows brokers to better serve their clients, particularly those seeking larger loans or those who may have experienced minor credit issues in the past.
Frequently asked questions
What is the maximum loan size available now?
West One has increased the maximum loan size for selected products to £900,000 for second charges and up to £1 million for residential mortgages at 85% LTV.
Who can benefit from the new prime credit tier?
The new prime credit tier is designed for first-time buyers, home movers, and remortgage customers, allowing them to access loans up to 90% LTV.