Introducing Our Biggest Set Of Residential Mortgage Criteria Changes Including Skilled Worker Visa’s and New AVM Criteria.
We are excited to announce our biggest set of residential mortgage criteria changes to date to support our ambitious growth plans for the residential mortgage sector.
Highlights of our new criteria include:
New Options for Borrowers on Visa’s up to 90% LTV
Applications now accepted up to 90% LTV from borrowers with a minimum of 24 months UK residency with a recent credit history, who are working in the UK on the following visa’s:
- Skilled Worker Visa’s
- Health and Care Worker Visa’s
- UK Ancestry Visa’s
Introducing Improved AVMs up to £300,000 now also available for unencumbered properties and transfer of equity mortgages
To complement our innovative fast-track remortgage service, we have increased our maximum loan size for AVMs from £150,000 to £300,000 across our Prime Plus, Prime and Near Prime ranges as well as making AVMs available for unencumbered mortgages and transfer of equity applications.
- Available up to £300,000 loan size
- Maximum LTV 70% (Subject to meeting minimum confidence levels)
- Available on properties valued up to £1m
- Remortgages, Unencumbered and Transfer of Equity mortgages are all eligible.
- Includes standard properties & ex-local authority houses
Interest Only & Retirement Age Changes
- We have increased the age at which an interest-only loan term can end from age 70 to age 75.
- We will also consider the retirement age to be the lower of the applicant’s 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, Increase in New Build LTV’s & Increased Loan Sizes
- Our minimum property value has been reduced from £100,000 to £75,000. Non-standard construction properties can be considered by referral.
- We can now also consider loans up to £2.5m on our Prime Plus Core Plan up to 65% LTV.
- We will no longer restrict the maximum LTV by 5% for New Build Properties.
- We can now work to a maximum LTV of 85% for New Build Houses & maximum of 75% LTV for new build flats.
Affordability Enhancements
- 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.
Full details are available in our new guide which gives you “11 New Reasons To Use West One” and our updated product guide which can be accessed below:
11 new reasons to use West One
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