West One has broadened its residential mortgage and second charge offerings, introducing larger loan sizes and improved criteria. This expansion is significant for borrowers seeking greater flexibility and access to financing options in the mortgage market.
What are the key changes in West One’s mortgage offerings?
West One has introduced a new prime credit tier for residential mortgages, allowing lending of up to 90% LTV. This tier is available for first-time buyers, home movers, and remortgage customers, with loan-to-income (LTI) multiples reaching up to 6.5x. Additionally, maximum loan sizes for the extra residential range have been raised to £1 million at 85% LTV, enhancing borrowing potential for clients.
How do these changes affect the mortgage market?
In the realm of second charge mortgages, West One has increased maximum loan sizes to £900,000 for selected products. The lender has also adjusted its Automated Valuation Model (AVM) criteria, now accepting lower confidence levels for loans up to 75% LTV. These enhancements aim to provide borrowers with more options and flexibility in securing second charge financing.
What this means for borrowers and brokers
For borrowers, these enhancements mean easier access to larger loans and better terms, especially for those with a strong financial history but facing isolated credit issues. Brokers will benefit from the increased flexibility in lending criteria, allowing them to assist a wider range of clients. Overall, these changes reflect West One’s commitment to removing barriers in the mortgage market.
Frequently asked questions
What is the new prime credit tier from West One?
The new prime credit tier allows residential mortgage lending up to 90% LTV, aimed at first-time buyers, home movers, and remortgagers.
How has West One improved second charge mortgage options?
West One has raised maximum loan sizes for second charge mortgages to £900,000 and adjusted AVM criteria to accept lower confidence levels up to 75% LTV.