"These changes demonstrate our commitment to developing a compelling range of specialist lending products designed to meet the wide-ranging needs of residential mortgage customers, second charge borrowers and landlords"
- Marie Grundy - West One Loans
West One Loans has introduced a series of updates across its mortgage range, expanding its offering in the second charge, residential, and buy-to-let sectors.
The lender’s revised residential and second charge product ranges now include options with loan-to-value (LTV) ratios of up to 97.5%. These products are available without credit scoring and offer loan-to-income (LTI) multiples of up to 6.5 as standard.
Remortgage customers can also access the new high-LTV products. The updated criteria allow capital raising remortgages for a wide variety of legal purposes. Additionally, automated valuation models (AVMs) can be used as an alternative to full property valuations for residential purchases, remortgages, and second charges, up to 85% LTV.
The lender has also made several pricing adjustments. Fixed rates on core residential products, which offer up to 5x income, now start from 5.39%, following rate reductions of up to 30 basis points. Rates have also been cut across the LTI Boost range, which includes uncapped income multiples above 5x, as well as on Shared Ownership and Right to Buy mortgages.
In the buy-to-let space, West One has introduced a Limited Edition product range, with fixed rates beginning at 2.99%. These products come with rate reductions of up to 15 basis points and are open to a wide range of borrowers, including individual landlords, portfolio landlords, limited companies, and first-time landlords.
Maximum portfolio size limits for landlords have increased from £10 million to £12 million. The Limited Edition buy-to-let range also supports AVMs up to 70% LTV, applicable to both purchases and remortgages.
“By increasing maximum LTVs for AVM criteria, together with our innovative fast-track remortgage service, we’re also reinforcing our focus on speed and efficiency for both homeowners and property investors,” said Marie Grundy, managing director of mortgages at West One. “These changes demonstrate our commitment to developing a compelling range of specialist lending products designed to meet the wide-ranging needs of residential mortgage customers, second charge borrowers and landlords. Our tailored approach to mortgage lending means our products can genuinely offer an alternative to the high street.”
