Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
West One Expands Residential and Second Charge Mortgage Ranges
West One has expanded its extra second charge and residential mortgage ranges, introducing larger maximum loan sizes, enhanced automated valuation model (AVM) criteria, and additional credit tiers.
For residential mortgages, West One has launched a new prime credit tier that offers lending up to 90% loan-to-value (LTV). This tier is available to borrowers with minor historic or recent adverse credit, including those with a single missed mortgage payment, county court judgments (CCJs), defaults, or missed unsecured credit payments. The new tier is open to first-time buyers, home movers, and remortgage customers, with loan-to-income (LTI) multiples of up to 6.5x as standard.
Additionally, West One has increased maximum loan sizes across its extra residential range. Borrowing is now available up to £1 million at 85% LTV within the premier extra and platinum extra product tiers. The lender has also enhanced AVM criteria for purchases and remortgages up to 85% LTV.
In the second charge mortgage segment, West One has strengthened its offering by increasing maximum loan sizes and introducing more flexible AVM criteria. A new near prime extra product has been launched for borrowers with a broader range of adverse credit profiles. Maximum second charge loan sizes have increased to £900,000 on selected products, and AVMs are now accepted at lower confidence levels up to 75% LTV.
These changes may be relevant to letting agents and inventory clerks who work with clients seeking flexible mortgage options or those with varied credit histories.
Source: Mortgage Strategy