West One Loans has announced major additions to its first charge residential product proposition and criteria.

The lender said the changes amounted to the largest single set of product additions and enhancements since the launch of its first charge residential proposition in October 2022.

The lender has introduced a combination of 11 new offerings. The most significant changes focus on new criteria applied to applications from those with Skilled Worker, Health and Care and UK Ancestry VISAs. Those borrowers that have lived in the UK for a minimum of 24 months and possess recent credit history will be able to apply for loans of up to 90% LTV.

West One has also widened its AVM criteria to include remortgage, unencumbered and transfer of equity applications for loans of up to £300,000. It has also increased the maximum property value up to £1 million and made that available up to 70% LTV (subject to minimum confidence levels).

The move further improves West One’s existing fast-track remortgage process which offers legal services from on-site solicitors with average completion times of 11 days from offer.

A summary of other highlights include:

• An increase to a maximum of 85% LTV on New Build properties
• An increase in the loan size of £2.5m by referral for Prime Plus cases up to 65% LTV
• Minimum property value reduced from £100,000 to £75,000
• Maximum age of interest only customers increased from 70 years to 75 years at the end of loan term
• Up to 100% of second job income now considered for affordability when applicants have held the role for 12 months
• Return to work income for borrowers on maternity leave can be considered if employers confirm they are returning to work within six months.

Marie Grundy (pictured), managing director, residential mortgages and second charges at West One Loans, said: “The mortgage market is dynamic and ever-changing. In the current climate our borrowers need a lender that can be flexible and sensible in equal measure.

“We are always analysing the market carefully and listening to our customers to see what they need and how we can provide it. After careful consideration we have found yet more ways, we can enhance our offering to help real people get the mortgage they need to match their own circumstances.

“At West One we are aiming for growth, and to help us on that journey, we are building a product set designed to meet the changing needs of our brokers and borrowers.”