West One are Shaking Things Up… Brand New Look for Second Charge Mortgages AND market-leading rates from 6.49%

What is new from West One?

1. New plans, New Credit Tiers, Lower Pricing!
   • Introducing a brand-new look with the unveiling of 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
   • They have also reduced the interest rate loadings between each plan to create more competitive pricing throughout the range
     
     
2. Widening of the Credit Criteria on
   Unsecured Arrears
   • New Platinum Product offering their 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%
     
     
3. 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%
     
     
4. 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%
     
     
5. 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
     
     
6. Major Enhancements to Interest Only Criteria
   • Interest-only options are now available as part of the 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
     
     
7. AVM Criteria Enhancements
   • AVM’s up to 80% LTV now available for Platinum and Prime Plus Borrowers
     
     
8. Reduced Stress Testing and Significant Rate Reductions for Buy-To-Let Second Charges
   • They have reduced the 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

Can we support you and your clientswith your specialist cases?

To discuss a case call 0330 127 0000
or email newbusiness@allmoneymatters.co.uk

Refer your case to us call 0330 127 0001
or email info@allmoneymatters.co.uk