West One Loans has launched a new online affordability calculator for residential mortgages.
The tool is designed to streamline the mortgage application process by offering brokers a quick and efficient way to determine affordability.
The calculator allows brokers to quickly obtain an accurate affordability decision before submitting a new enquiry, as well as being able to determine maximum borrowing available to aid brokers looking to compare options for both purchases and remortgage customers.
Brokers can complete affordability checks based on West One’s two product ranges: the core product range, which offers standard Loan-to-Income (LTI) ratios of up to 5.0 times income up to 95% Loan-to-Value (LTV), including first-time buyers, or their LTI Boost range, which offers LTI ratios above 5.0 times income up to 80% LTV, subject to a minimum household income of £50,000.
West One accommodates up to 100% of regular bonus, overtime, and commission income, along with flexible self-employed income assessments based on the latest SA302 in most scenarios and can accept self-employed borrowers with just one year’s trading on selected products.
Loan terms of up to 40 years are available, with a standard minimum employment time of just three months. The lender also supports older borrowers, with a retirement age of up to 75 for those with viable working arrangements, and mortgage terms extending to age 85.
Paul Huxter, head of intermediary sales & distribution at West One Loans, said: “We are delighted to have launched another great tool for our brokers. This new affordability calculator underscores West One Loans’ dedication to provide innovative solutions that simplify the mortgage application process.
“Brokers can access the tool directly on the West One website, helping them provide greater choice to their clients who can benefit from our quick, reliable affordability assessments at an early stage in the customer journey.”
