West One have been working hard behind the scenes to update our criteria with a series of major enhancements offering our broker partners and customers a wider range of second charge options.
NOW THERE ARE TWELVE MORE REASONS TO USE WEST ONE…
Introducing improved AVM’s/Drive By Valuations up to £300,000 supported by lower confidence levels and increased property values
To help streamline our underwriting process and reduce processing times we are announcing our biggest-ever set of changes to our AVM and Drive-By Policy
- Available up to £300,000 loan size
- Maximum LTV 75% (Subject to meeting minimum confidence levels for AVM’s)
- Available on properties valued up to £1m
- Includes standard properties & ex-local authority houses
New Criteria for Non EEA Nationals and Borrowers on Approved Visa Schemes
Applications now accepted up to 85% LTV from borrowers with a minimum of 24 months UK residency with a recent credit history, who are working in the UK and meet the eligibility criteria for the following Visas:
- Skilled Worker Visas
- Health and Care Worker Visas
- UK Ancestry Visas
We have also removed the requirement to refer non-EEA nationals prior to submission (may be subject to enhanced due diligence for borrowers from countries on FATF black and grey list).
We have reduced the minimum residency requirement in the UK to 12 months for both EEA and Non-EEA nationals with a recent credit history.
Increased Maximum Loan Term, Interest Only & Retirement Age Changes
- We are increasing our maximum loan term to 40 years.
- For interest only second charges, the maximum age at the end of the loan term has been increased to age 75
- We will also now consider the retirement age to be lower of the applicants stated retirement age or age 75 (NB any clients intending to retire beyond age 70 will need to provide a detailed plausible explanation
Reduced Minimum Property Value
We have reduced our minimum property value from £100,000 to £80,000 which applies to both ex-local authority houses and flats. Non-standard construction properties can be considered by referral.
Affordability Enhancements including a new maximum loan term
- We can now accept up to 100% second job income for borrowers who have been in the role for 12 months with sustainable working hours (6 months considered by referral)
- We will no longer insist applicants need to be out of probation before considering their application. Minimum time in employment is 3 months
- We can now look to use return-to-work pay for applicants on maternity leave who intend on returning within 6 months and we can obtain confirmation from the employer
- We can consider applications from limited company directors with a minimum of 50% shareholding who need to use net profit and salary by referral
Improved criteria when following a specialist mortgage lender
- We will no longer restrict the LTV for specialist lenders or the ability to lend behind them providing we are following a traditional first charge mortgage. We may request evidence that we are following a traditional first charge mortgage where the mortgage provider offers both first and second charge mortgages.
Streamlined Process
- YTD payslips are now accepted, as long as It is more than 3 months since the new tax year started instead of a P60 to evidence regular monthly bonus/commission/overtime
Full details are available in our new guide which gives you ’12 New Reasons To Use West One’. Our updated product and criteria guide can all be accessed here
12 Reasons to use Second Charges
Please do get in touch with our dedicated broker support team of you need any further information or you wish to discuss a new case with us.
E: brokersupport@westoneloans.
T: 0333 1234 556