West One Loans has made changes to its first charge residential mortgage range and criteria.
The lender said this was the most significant shake-up of the offering since it was launched in October 2022.
West One Loans has updated its first charge residential criteria for applications from people with skilled worker, health and care, and UK ancestry visas. It will now allow borrowers who have lived in the UK for at least two years and have recent credit history to apply for loans of up to 90% loan to value (LTV).
West One Loans has also expanded its automated valuation model (AVM) criteria to include remortgage, unencumbered and transfer of equity applications for loans of up to £300,000.
Additionally, the lender has increased the maximum eligible property value to £1m. This is now available up to 70% LTV, subject to minimum confidence levels.
Other changes to the first charge residential range include an increase of the maximum LTV available on new-build properties, which has risen to 85%.
West One Loans has also increased the loan size for referral prime plus cases up to 65% LTV to £2.5m. The minimum property value allowed has been reduced from £100,000 to £75,000, and it has upped the maximum eligible age of interest-only borrowers from 70 years at the end of the loan term to 75 years.
The lender will now consider up to 100% of second job income where an applicant has been in the job for 12 months. It will also consider return to work income for borrowers on maternity leave if employers confirm they will return to work within six months.
Marie Grundy (pictured), managing director of 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,” she added.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
