West One Loans has widened its reach to borrowers by introducing two new credit tiers, Premier and Platinum.
- The new credit tiers are crafted to accommodate borrowers with past credit issues or complex income situations.
- Premier and Platinum products offer competitive rates, beginning at 5.89% and 5.99% respectively, with options for fixed rates.
- Borrowers with missed payments or small financial judgements now have more flexibility under the revamped criteria.
- The adjustments aim to simplify the mortgage process for advisers and expand borrower options.
West One Loans has strategically introduced two new credit tiers—Premier and Platinum—to broaden access to its financial products. These tiers are particularly beneficial for individuals who may have had historical credit issues or require unique income considerations. The Premier tier starts at a competitive rate of 5.89%, while the Platinum tier begins at 5.99%, both offering five-year fixed rates. Additionally, lower two-year fixed-rate mortgages will be available at 6.05%.
Each tier features distinct maximum loan-to-value (LTV) ratios to cater to varied borrower needs. The Premier tier boasts the highest maximum LTV at 95%, followed by Near Prime at 75%. Changes also include an increase in the maximum LTV for the Prime product, now up to 80%. This update is particularly advantageous for self-employed individuals with at least one year of trading, who can now qualify for the Prime Plus tier, previously restricted to two years of verified income.
The fresh criteria extend to borrowers with unsecured arrears, allowing more flexibility in the Premier and Platinum plans. For example, borrowers with one missed unsecured payment in the past year are eligible for up to a 95% LTV, and those with up to two missed payments can access up to 90% LTV. Moreover, the Prime Plus option has lifted its restrictions on missed unsecured payments, granting up to 85% LTV with sufficient explanation.
In addressing payment histories, the revised approach includes small unsatisfied County Court Judgments (CCJs) under £500, enhancing borrowing opportunities across all tiers. Importantly, applicants with a missed mortgage payment over six months prior can consider the Prime Product, now offering up to 80% LTV. Consideration for payday loans has also been adapted, with conditions specific to the time such loans were taken out for both the Prime and Prime Plus plans.
The improvements further benefit those engaged in affordable housing schemes such as Shared Ownership and Right to Buy. Moreover, a fixed arrangement fee of £1,795 has been established, easing access for those pursuing larger loans. The lender has increased its array of fee-assisted products and those without arrangement fees.
Marie Grundy, managing director of residential mortgages and second charges, highlighted that these changes represent significant advancements since West One Loans ventured into the residential sector over two years ago. Grundy emphasised the value of these modifications for borrowers who find it challenging to meet traditional lender criteria or possess complex income frameworks. In her statement, she noted that the intermediary nature of the lender underscores the pivotal role of brokers in delivering quality advice and simplifying the borrowing process for clients.
West One Loans’ innovative adjustments underscore a commitment to broadening borrower access and simplifying the mortgage process.
