West One has expanded its residential mortgage and Extra second charge ranges with higher maximum loan sizes, broader automated valuation model (AVM) criteria and new credit tiers.
The lender has introduced a Prime residential tier offering loans up to 90% loan-to-value (LTV) and income multiples of up to 6.5 times earnings as standard.
It is designed for borrowers with minor historic or recent adverse credit, including a single missed mortgage payment, county court judgments, defaults or missed unsecured credit payments.
The products are available to first-time buyers, home movers and remortgage customers.
RESIDENTIAL LOANS UP TO £1M
West One has also increased maximum loan sizes across its Extra Residential range.
Loans of up to £1m are now available at 85% LTV on its Premier Extra and Platinum Extra tiers.
The lender has enhanced its AVM criteria for purchases and remortgages at up to 85% LTV, potentially allowing more applications to proceed without a physical valuation.
Its wider Extra proposition continues to support lending up to 97.5% LTV without using credit scoring.
SECOND CHARGE RANGE EXPANDED
And West One has introduced a Near Prime Extra second charge product for borrowers with a broader range of adverse credit profiles.
Maximum second charge loan sizes have increased to £900,000 on selected products.
AVMs can now be accepted at lower confidence levels on applications up to 75% LTV, reducing the need for full property valuations in more cases and creating opportunities for faster completions.
REMOVING BORROWER BARRIERS
Marie Grundy (main picture, inset), managing director of mortgages at West One, said: “These enhancements are all about removing unnecessary barriers for borrowers and giving brokers greater flexibility.
“Larger loan sizes at higher LTVs mean more clients can access our Extra product ranges, while our updated credit criteria recognise that an isolated financial blip shouldn’t define an otherwise strong borrower.
“Combined with broader AVM criteria to help speed up completions, these changes reinforce West One’s commitment to supporting the modern borrower.
“We understand that life doesn’t always follow a straight line, and our role is to provide mortgage lending solutions that reflect this.”
