They aim to meet the evolving needs of borrowers and brokers
Specialist lenders West One Loans and Foundation Home Loans have both unveiled significant product expansions to enhance their offerings.
West One launched 11 new offerings aimed at increasing choice for borrowers and brokers. Key changes include new criteria for applicants with skilled worker, health and care, and UK Ancestry VISAs, allowing those who have lived in the UK for at least 24 months with recent credit history to apply for loans up to 90% loan-to-value (LTV).
In addition, AVM criteria have been expanded to cover remortgage, unencumbered, and transfer of equity applications for loans up to £300,000, with the maximum property value increased to £1 million at up to 70% LTV.
Further enhancements to West One’s fast-track remortgage process include legal services from on-site solicitors with an average completion time of 11 days from offer. Other updates feature an increased LTV of 85% for new build properties, loan sizes up to £2.5 million by referral for Prime Plus cases up to 65% LTV.
The changes also include a reduction in the minimum property value from £100,000 to £75,000, the maximum age for interest-only customers extended to 75 years at the end of the loan term, up to 100% of second job income considered for affordability, and return-to-work income for those on maternity leave if their employer confirms their return within six months.
West One said it had introduced the largest set of product additions and enhancements since launching its first charge residential proposition in October 2022.
“The mortgage market is dynamic and ever-changing,” commented Marie Grundy (pictured left), managing director of residential mortgages and second charges at West One Loans. “In the current climate, our borrowers need a lender that can be flexible and sensible in equal measure.
“At West One, we are aiming for growth, and to help us on that journey, we are building a product set designed to meet the changing needs of our brokers and borrowers.”
Meanwhile, Foundation Home Loans, under its ‘Buy to Let’ and ‘Residential’ brands, has launched new two- and five-year fixed-rate EPC Saver products in collaboration with Vibrant Energy Matters.
These products support borrowers looking to improve the energy efficiency of their properties to achieve an EPC level of ‘C’ or above. The Buy-to-Let EPC Saver is available up to 75% LTV with a 1.25% fee and rates starting at 5.94%, while the Residential EPC Saver is available up to 75% LTV with a fixed £595 fee and rates starting at 6.24%.
Both products come with a detailed EPC report from Vibrant Energy Matters, £1,000 cashback for renovation work, and free EPC inspection up to three months post-completion.
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“Many of the green mortgage products currently available are aimed at properties which have already achieved an EPC ‘C’ level or above,” said Tom Jacob (pictured right), director of product and marketing at Foundation Home Loans. “This product is different as it is designed to help those who want to get their properties up to, or beyond, this level.
“We want to support clients who are keen to improve the energy efficiency of their properties, benefiting from lower energy costs and contributing to the improvement of our carbon emission levels.”
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