Specialist lender West One Loans has launched a sweeping set of changes across its mortgage product suite, including second charge, buy-to-let and residential lines, as it targets underserved segments of the market with higher loan-to-value (LTV) options and more flexible affordability criteria.
The most eye-catching addition is a new range of residential and second charge mortgages at up to 97.5% LTV, offered without the use of credit scoring.
Alongside this, standard loan-to-income (LTI) multiples have been increased to 6.5 times income.
The lender has confirmed that the high LTV products are available to remortgage customers as well, including for capital raising for most legal purposes.
As part of a drive to improve turnaround times, West One is also allowing the use of automated valuation models (AVMs) for residential purchases, remortgages and second charges up to 85% LTV, reducing the need for full physical valuations.
RESIDENTIAL CUTS
The residential range has seen rate cuts of up to 30 basis points. For borrowers with LTI capped at five times income, fixed rates now begin at 5.39%. Reductions have also been applied to products in the LTI Boost range, which cater to borrowers with income multiples above 5x, as well as to Shared Ownership and Right to Buy products.
BUY-TO-LET
In the buy-to-let space, West One has introduced a Limited Edition product range, with fixed rates starting from 2.99% and rate cuts of up to 15 basis points. AVMs are available up to 70% LTV within the range, for both purchase and remortgage purposes.
The maximum permitted size of a landlord’s portfolio has also been increased from £10m to £12m. The changes apply across the board to individual, limited company and portfolio landlords, and are also open to first-time landlords.
Marie Grundy (pictured), managing director of mortgages at West One, said the changes reflected the lender’s commitment to specialist lending solutions.
“These changes demonstrate our commitment to developing a compelling range of specialist lending products designed to meet the wide-ranging needs of residential mortgage customers, second charge borrowers and landlords.
“Our tailored approach to mortgage lending means our products can genuinely offer an alternative to the high street,” she said.
“By increasing maximum LTVs for AVM criteria, together with our innovative fast-track remortgage service, we’re also reinforcing our focus on speed and efficiency for both homeowners and property investors,” Grundy added.
