LTV rates up, new zero leder fee options
Specialist lender West One Loans has introduced a limited edition range of 95% loan-to-value (LTV) products as part of its residential mortgage offerings, aimed exclusively at first-time buyers.
The new mortgage deals, with interest rates starting at 8.19%, mark the first time the lender has provided loans at 95% LTV. Borrowers can also access options with no lender fees.
Loan-to-income (LTI) ratios for the new products are capped at five times income, with loan sizes available up to £500,000. West One allows for satisfied and unsatisfied defaults up to £500, and will consider one satisfied county court judgment (CCJ) or default over £500, as long as it was registered more than three years ago.
In addition to the 95% LTV launch, the Watford-based lender has expanded its residential product range with several updates. Its Prime Plus Higher LTV criteria now include only 90% and 95% LTV products, up from the previous 85% and 90% offerings.
West One has also rolled out zero lender fee options for its 90% LTV range and raised the maximum LTV from 75% to 80% for its Prime Plus Core and Prime Plus LTI Boost products. The LTI Boost range offers uncapped loan-to-income ratios for households earning £50,000 or more.
The lender will now also consider CCJs above £5,000 for its Prime Plus Higher LTV and Prime Plus Core products, either by referral or through its Prime or Near Prime plans.
“We are thrilled to announce the launch of our first-ever 95% LTV mortgage range, tailored to assist first-time buyers who may find it difficult to raise a substantial deposit,” said Marie Grundy (pictured), managing director of residential mortgages and second charges at West One Loans.
“These limited edition products will be particularly beneficial for those with minor credit blips who still demonstrate strong creditworthiness, helping them take that vital first step onto the property ladder.”
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