We’re Shaking Things Up…Brand New Look for Second Charge Mortgages from West One Loans AND market-leading rates from 6.49%.
We are excited to unveil a brand new look for our second charge product range. The rebrand also includes major enhancements to the eligibility rules for each of our products, with smaller incremental pricing changes between each product range.
As part of this major product refresh, we are also making significant pricing reductions of up to 1.66% across the range with published market-leading shorter term fixed rates now starting from 6.49%.
The products will be available for selection in our broker portal from 9am on Thursday 1st May.
What’s new from West One?
1. New plans, New Credit Tiers, Lower Pricing!
- Introducing a brand-new look with the unveiling of our new plans, Platinum, Prime Plus, Prime, and Near Prime Credit Tiers.
- Changes to the credit eligibility rules means more borrowers will now qualify for lower-priced products than ever before, including missed payments on unsecured credit and mortgage accounts, as well as borrowers who have historic or more recent CCJ’s and Defaults.
- We have also reduced the interest rate loadings between each plan to create more competitive pricing throughout the range.
2. Widening of Our Credit Criteria
Unsecured Arrears
- New Platinum Product offering our lowest pricing with a maximum status of 2 in 12 for unsecured arrears.
- Unsecured Arrears with max status of 3 in 12 now available from 6.79%
CCJ’s/Defaults
- Removal of £1250 limit for CCJ’s and Defaults unsatisfied in the last 12 months.
- Can consider up to 2 unsatisfied CCJ’s/Defaults in the last 12 months with rates starting from 7.39%
Secured Arrears
- Now consider up to 2 secured missed payments in the last 12 months (0 in 3) on our Near Prime Plan with rates starting from 7.39%
3. Introducing Market-Leading Pricing Plus Standardised Pricing Approach to Fixed Rate Products
- 2, 3, and 5-year fixed rates now available from 6.49%
- Reductions of up to 1.30% across the product range.
- No differential in pricing for each fixed rate term to enable advisers to tailor advice to offer the most appropriate fixed rate term for their client.
4. Major Enhancements to Interest Only Criteria
- Interest-only options are now available as part of our standard product range up to 65% LTV for Platinum and Prime Plus borrowers.
- New Lower Rates starting from 6.49% and lower lender fees starting from £995 (previously £1995)
- Minimum Income Reduced to £15,000
- Minimum Loan size £10,000
- Maximum age at the end of the term now increases to age 75
- Maximum LTI cap of 6.5 times
- Requirement for Minimum Property Value of £200,000 has been removed
- If downsizing, the minimum equity required is £150,000
5. AVM Criteria Enhancements
- AVM’s up to 80% LTV now available for Platinum and Prime Plus Borrowers.
6. Reduced Stress Testing and Significant Rate Reductions for Buy-To-Let Second Charges
- We have reduced our stress test to allow more borrowers to access second charge Buy-to-Let mortgage finance.
- Significant Rates Reductions of up to 166bps with pricing now starting from 6.99%
- Improved credit criteria with highest maximum status for unsecured arrears now 2 in 12 for BTL Plus customers.
- Unsatisfied CCJ’s and Defaults over 12 months old now considered for BTL Standard customers.
- Max LTV reduced to 70% LTV.
Pipeline Cases
We will honour existing pipeline cases providing the mortgage offer is issued by Friday, 13th June, and the mortgage completes before the mortgage offer expiry date.
Our dedicated specialist distribution team are available to assist you with any questions you may have in relation to the new product range, or if you would like to discuss a new enquiry, or you can contact our broker support team on: