Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details. Many UK teams now handle this with dedicated property inventory software.
West One Loans Raises Lending Cap to 5.5 Times Income on Core Products
West One Loans has announced it will now lend up to 5.5 times income on its core mortgage products, an increase from the previous cap of five times income. This change applies to purchases and remortgages across all product credit tiers.
The lender stated that the decision aims to make homeownership more accessible for those not adequately served by traditional lending products. The new 5.5 times loan to income (LTI) limit also applies to Right to Buy purchases, but does not extend to shared ownership products, which have recently undergone separate improvements.
West One Loans has also updated its automated valuation model (AVM) criteria for residential mortgage customers, specifically for remortgage offerings. The maximum loan size eligible for an AVM has increased from £300,000 to £500,000, and the maximum loan to value (LTV) has risen from 70% to 75%. These enhancements are available on all Core products from the Premier, Platinum, and Prime Plus plans.
The underwriting team at West One Loans will conduct the AVM early in the application process and inform brokers if a case can proceed without a physical valuation. This is intended to reduce delays and streamline the remortgage process.
West One Loans is a non-bank specialist property lender operating in the UK, with offices in Watford and Manchester. The company manages over £2.1bn in assets and provides lending to individuals, landlords, and businesses who may not meet the criteria of high street banks.
Recent changes at West One Loans also include an overhaul of shared ownership product criteria, the extension of its LTI Boost product to interest-only borrowing up to 75% LTV, and updated requirements for self-employed contractors under the Construction Industry Scheme (CIS). Additionally, the lender has amended its family concessionary purchase options, allowing borrowing up to 100% of the discounted purchase price, provided the loan does not exceed 80% LTV.
Source: Mortgage Solutions