This information is for professional intermediary use only and must not be distributed to potential customers.
Residential Mortgages
Residential Mortgages Product Range
West One has become known for its comprehensive range of residential mortgage products that are suitable for a wide variety of borrowers.
We serve borrowers with less than perfect credit profiles, complex income cases, Foreign Nationals, older borrowers, Shared Ownership, and Right-to-Buy and borrowers with limited deposits including first time buyers.
We don’t credit score, and all of our cases are manually underwritten based on the customers unique set of circumstances. Taking into account our borrowers’ credit history, we offer 5 residential mortgage product tiers: Prime, Platinum, Prime Plus, Prime, and Near Prime.
Premier
Highlights
Highlights
- 5-Year Fixed Rates from 5.74%
- 2 Year Fixed Rates from 5.69%
- Lifetime Tracker rates from +2.69% above BBR
- Limited Edition 95% LTV available for First Time Buyers
- Primer LTI Boost Product offering LTI's over 5.0 times income
- Lender fee is excluded from LTV calculation capped at max of 90% LTV
- Up to age 85 at the end of the loan term
- Fast track remortgage service available
- Automated Affordability Decisioning
- Zero Lender Fee Option Available
- Valuation Refund Option Available
- Free Fast Track Legal Service Available
- Cashback Option Available
Features
- No credit scoring: each case is assessed on its own merits
- Caters for borrowers with minor credit blips or historical credit issues over 36 months ago
- Available for First Time Buyers, Remortgages and Homemovers
- Limited Edition 95% LTV available for First Time Buyers
- Purchases & Remortgages including capital raising for debt consolidation available up to 90% LTV
- LTI over 5 times income considered subject to meeting eligibility requirements
- Skilled Worker Visa's/ Health and Care Work Visa's & Ancestry Visa's considered up to 90% LTV
- Capital raising for most legal purposes acceptable, including Debt Consolidation, Home Improvements, and releasing equity to help get family members onto the property ladder
- Available for Self Employed Applicants with a minimum of 2 years SA302's
- Fast Track remortgage service provided by our in-house legal team
- Terms from 5-40 years
- Flexible loan sizes from £25,000 to £1,500,000
- Minimum age 21 with the loan term ending by age 85
- Available to employed, self-employed, contractors and older borrowers
- Fixed rates and lifetime tracker products available
Criteria
- Lender fee is excluded from LTV calculation capped at max of 90% LTV
- Capital & Interest up to 95% LTV
- Employed, Self Employed, Contractors and Retired applicants (subject to minimum income requirements)
- Employed applicants accepted subject to a minimum of 3 months employment, within probation acceptable
- Self Employed applicants accepted subject to a minimum of 2 years trading history
- Retired applicants accepted subject to them meeting minimum income threshold from private pension source
- LTI's up to 5 times income as standard
- LTI's over 5 times income available through our Premier LTI Boost Product subject to eligibility
- Mortgage term can be taken up to applicants 85th birthday
- Debts being consolidated are excluded from the affordability calculation
- Married applicants with mortgages in a sole name accepted
- Automated expenditure assessment
- Child-related benefits accepted for children up to the age of 12 (other benefits by referral)
- State Pension accepted provided not primary income source
- Family gifted deposits accepted
- Non EEA applicants considered by referral
- England, Scotland and Wales
Acceptable Credit History
- Minimum 12 months mortgage/rental history (not required for first time buyers)
- No secured arrears in the last 36 months and the account must be up to date
- Unsatisfied CCJ's and Defaults under £500 accepted
- No Unsatisfied CCJ's or Unsatisfied defaults over £500 in the last 36 months
- No satisfied CCJ's or satisfied defaults over £500 in the last 36 months
- Unsecured arrears accepted provided that the account has not been subject to more than 1 month of arrears for a balance >£500 at any point during the last 12 months and the account is currently up to date
- Unsecured credit with balances below £500 are excluded from plan assessment purposes but will be reviewed for affordability
- Utilities and comms suppliers' payment profiles are not taken into account for plan assessment purpose (excluding CCJs and defaults)
- No IVA/DMP/Bankruptcies or repossessions within the last 6 years
- No payday loan activity within the last 36 months
- Maximum total CCJ value is £5,000
Suitability
- Borrowers whose credit score would prevent them from accessing mainstream mortgage lending
- Borrowers who may need greater flexibility in obtaining higher LTV, for example, to fund home improvement projects or consolidate existing debt
- Borrowers who are struggling to get a mortgage who have satisfied CCJ's and/or defaults under £500
- Borrowers who are struggling to get a mortgage who have unsatisfied CCJ's or defaults under £500
- Borrowers who are struggling to get a mortgage who have missed payments on utilities or comms supplier accounts
- Older borrowers
- Borrowers with more complex income
- Borrowers with good credit profiles whilst still allowing for the occasional payment blip
- First time buyers who are living with family or do not have a 12 month rental history
- For 95% LTV products: additional applicants can be considered where they have not owned a property in the last 5 years
- Self employed contractors and employed applicants working under an umbrella company
- Borrowers where the speed of completion is important to them which may not be achievable via another lender
- Applicants who are sole owners of the property who are married but want the mortgage only in their sole name are acceptable, subject to the non-owning occupier signing a consent form
Platinum
Highlights
Highlights
- 5-Year Fixed Rates from 5.84%
- 2-Year Fixed Rates from 5.79%
- Lifetime Tracker rates from +2.79% above BBR
- Up to 90% LTV product for First Time Buyers, Remortgage, Homemovers & Unencumbered Customers
- Platinum LTI Boost Product offering LTI's over 5.0 times income
- Lender fee is excluded from LTV calculation capped at max of 90% LTV
- Up to age 85 at the end of the loan term
- Fast track remortgage service available
- Automated Affordability Decisioning
- Zero Lender Fee Option Available
- Valuation Refund Option Available
- Free Fast Track Legal Service Available
- Cashback Option Available
Features
- No credit scoring; each case is assessed on its own merits
- Caters for borrowers with minor credit blips or historical credit issues over 24 months ago
- Available for First Time Buyers, Remortgage and Homemovers
- Purchases & Remortgages including capital raising for Debt Consolidation available up to 90% LTV
- LTI over 5 times income considered subject to meeting eligibility requirements
- Skilled Worker Visa's/ Health and Care Work Visa's & Ancestry Visa's considered up to 90% LTV
- Capital raising for most legal purposes acceptable, including Debt Consolidation, Home Improvements, and releasing equity to help get family members onto the property ladder
- Available for Self Employed Applicants with a minimum of 2 years SA302's
- Fast Track remortgage service provided by our in-house legal team
- Terms from 5-40 years
- Flexible loan sizes from £25,000 to £1,500,000
- Minimum age 21 with the loan term ending by age 85
- Available to employed, self-employed, contractors and older borrowers
- Fixed rates and lifetime tracker products available
Criteria
- Lender fee is excluded from LTV calculation capped at max of 90% LTV
- Capital & Interest up to 90% LTV
- Employed, Self Employed, Contractors and Retired applicants (subject to minimum income requirements)
- Employed applicants accepted subject to a minimum of 3 months employment, within probation acceptable
- Self Employed applicants accepted subject to a minimum of 2 years trading history
- Retired applicants accepted subject to them meeting minimum income threshold from private pension source
- LTI's up to 5 times income as standard
- LTI's over 5 times income available through our Premier LTI Boost Product subject to eligibility
- Mortgage term can be taken up to applicants 85th birthday
- Debts being consolidated are excluded from the affordability calculation
- Married applicants with mortgages in a sole name accepted
- Automated expenditure assessment
- Child-related benefits accepted for children up to the age of 12 (other benefits by referral)
- State Pension accepted provided not primary income source
- Family gifted deposits accepted
- Non EEA applicants considered by referral
- England, Scotland and Wales
Acceptable Credit History
- Minimum 12 months mortgage/ rental history (not required for first time buyers)
- No secured arrears in the last 24 months and account must be up to date
- Unsatisfied CCJ's and Defaults under £500 accepted
- No Unsatisfied CCJ's or Unsatisfied defaults over £500 in the last 24 months
- No satisfied CCJ's or satisfied defaults over £500 in the last 24 months
- Unsecured arrears for balance > £500 at any point during the last 12 months and account is currently up to date
- Unsecured credit with balances below £500 are excluded from plan assessment purpose but will be reviewed for affordability
- Utilities and comms suppliers' payment profiles are not taken into account for plan assessment purpose (excluding CCJs and defaults)
- No IVA/DMP/Bankruptcies or repossessions within the last 6 years
- No payday loan activity within the last 24 months
- Total CCJ value over £5,000 can be done by referral
Suitability
- Borrowers whose credit score would prevent them from accessing mainstream mortgage lending
- Borrowers who may need greater flexibility in obtaining higher LTV, for example, to fund home improvements projects or consolidate existing debt
- Borrowers who are struggling to get a mortgage who have satisfied CCJ's and/or defaults under £500
- Borrowers who are struggling to get a mortgage who have missed payments on utilities and comms supplier accounts
- Older borrowers
- Borrowers with more complex income
- Borrowers with good credit profiles whilst still allowing for the occasional payment blip
- First time buyers who are living with family or do not have a 12 month rental history
- Self employed contractors and employed applicants working under an umbrella company
- Borrowers where the speed of completion is important to them which may not be achievable via another lender
- Applicants who are sole owners of the property who are married but want the mortgage only in their sole name are acceptable, subject to the non-owning occupier signing a consent form
Prime Plus
Highlights
Highlights
- 5-Year Fixed Rates from 6.04%
- 2 Year Fixed Rates from 5.99%
- Lifetime Tracker rates from +3.35% above BBR without ERC's
- Up to 85% LTV product for first-time buyers, home movers, remortgage & unencumbered customers
- Prime Plus LTI Boost Product offering LTI’s over 5.0 times income
- Up to age 85 at the end of the loan term
- Fast track remortgage service available
- Automated Affordability Decisioning
- Zero Lender Fee Option Available
- Free Fast Track Legal Service Available
- Valuation Refund Option Available
- Cashback Option Available
Features
- No credit scoring; each case is assessed on its own merits
- Caters for borrowers with minor credit blips or more historical credit issues over 12 months ago
- Available for First Time Buyer, Remortgage and Homemover
- Purchases & Remortgages including capital raising for debt consolidation available up to 85% LTV
- LTI over 5 times income considered subject to meeting eligibility requirements
- Skilled Worker Visa's/Health and Care Work Visa's & Ancestry Visa's considered up to 85% LTV
- Capital raising for most legal purposes acceptable, including Debt Consolidation, Home Improvements, and releasing equity to help get family members onto the property ladder
- Available for Self Employed Applicants with a minimum of 1 years SA302's
- Fast Track remortgage service provided by our in-house legal team
- Terms from 5-40 years
- Flexible loan sizes from £25,000 to £1,500,000
- Minimum age 21 with the loan term ending by age 85
- Available to employed, self-employed, contractors and older borrowers
- Fixed rates and lifetime tracker products available
Criteria
- Employed, Self Employed, Contractors and Retired applicants (subject to minimum income requirements)
- Employed applicants accepted subject to a minimum of 3 months employment, within probation acceptable
- Self Employed applicants accepted subject to a minimum of 1 year trading history
- Retired applicants accepted subject to them meeting minimum income threshold from private pension source
- LTI’s up to 5 times income as standard
- LTI's over 5 times income available through our Prime Plus LTI Boost Product subject to eligibility
- Mortgage term can be taken up to an applicants 85th birthday
- Debts being consolidated are excluded from the affordability calculation
- Married applicants with mortgages in a sole name accepted
- Automated expenditure assessment
- Child-related benefits accepted for children up to the age of 12 (other benefits by referral)
- State Pension accepted
- Non-standard construction but confirmed as mortgageable max 75% LTV subject to not being an 'Unacceptable' property type
- Family gifted deposits accepted
- Non EEA applicants considered by referral
- England, Scotland and Wales
Acceptable Credit History
- Minimum 12 months mortgage/rental history (not required for first time
buyers) - No secured arrears in the last 12 months and account must be up to date
- Unsatisfied CCJ's and Defaults under £500 accepted
- No Unsatisfied CCJ's or Unsatisfied defaults over £500 in the last 12 months
- No satisfied CCJ's or satisfied defaults over £500 in the last 12 months
- Unsecured arrears accepted where outstanding arrears being cleared by the mortgage
- Unsecured credit with balances below £500 are excluded from plan assessment purposes but will be reviewed for affordability
- Utilities and comms suppliers' payment profiles are not taken into account for plan assessment purpose (excluding CCJs and defaults)
- No IVA/DMP/Bankruptcies or repossessions within the last 6 years
- No payday loan activity within the last 12 months
- Total CCJ value over £7,500 can be done by referral
Suitability
- Borrowers whose credit score would prevent them from accessing mainstream mortgage lending
- Borrowers who are struggling to get a mortgage who have satisfied CCJ's and/or defaults
- Borrowers who are struggling to get a mortgage who have unsatisfied CCJ's or defaults under £500
- Borrowers who are struggling to get a mortgage who have missed payments on utilities or comms supplier accounts
- Older borrowers
- Borrowers with more complex income
- Borrowers with good credit profiles whilst still allowing for the occasional payment blip
- Borrowers who are prevented from getting a mortgage as a result of LTI restrictions
- First time buyers who are living with family or do not have a 12 month rental history
- Borrowers who are unable to obtain a mortgage due to LTI restriction
- Self employed contractors and employed applicants working under an umbrella company
- Borrowers where the speed of completion is important to them which may not be achievable via another lender
- Applicants who are sole owners of the property who are married but want the mortgage only in their sole name are acceptable, subject to the non-owning occupier signing a consent form directly to our introducing broker
Prime
Highlights
Highlights
- 5 Year Fixed Rates from 6.59%
- 2 Year Fixed Rates from 6.54%
- Lifetime Tracker rates from BBR +3.55%
- Up to 80% LTV available including capital raising for debt consolidation
- LTI's up to 5 times income as standard
- Prime LTI Boost offering LTI's over 5.0 times income
- Fast track remortgage service available
- AVM's up to £300,000 for remortgage customers subject to criteria
- Automated Affordability Decisioning
- Zero Lender Fee Option Available
- Free Fast Track Legal Service Available
- Valuation Refund Option Available
- Cashback Option Available
Features
- No credit scoring; each case is assessed on its own merits
- Caters for borrowers with minor credit blips or more historical credit issues over 6 months ago
- Caters for borrowers who have a Debt Management Plan discharged over 36 months ago
- Available for First Time Buyer, Remortgage and Homemover
- Purchases & Remortgages including capital raising for debt consolidation available up to 80% LTV
- LTI over 5 times income considered subject to meeting eligibility requirements
- Skilled Worker Visa's/Health and Care Work Visa's & Ancestry Visa's considered up to 80% LTV
- Capital raising for most legal purposes acceptable, including Debt Consolidation, Home Improvements, and releasing equity to help get family members onto the property ladder
- Available for Self Employed Applicants with a minimum of 1 years SA302's
- Fast Track remortgage service provided by our in-house legal team
- Terms from 5-40 years
- Flexible loan sizes from £25,000 to £1,000,000
- Minimum age 21 with the loan term ending by age 85
- Available to employed, self-employed, contractors and older borrowers
- Fixed rates and lifetime tracker products available
Criteria
- Satisfied CCJ's and Defaults ignored for plan selection purposes
- Unsatisfied CCJ's and Defaults under £500 ignored for plan selection purposes
- DMP's discharged over 2 years ago acceptable with a satisfactory explanation
- DMP's discharged over 3 years ago acceptable
- Employed applicants accepted subject to a minimum of 3 months employment, within probation acceptable
- Self Employed applicants accepted subject to a minimum trading history
of 1 year - Retired applicants are accepted subject to them meeting the minimum income
the threshold from private pension sources - LTI over 5 times income available through our Prime LTI Boost Product subject to eligibility
- Mortgage term can be taken up to an applicants 85th birthday
- Debts being consolidated are excluded from the affordability calculation
- Automated expenditure assessment
- Married applicants with mortgages in a sole name accepted
- Child-related benefits are accepted for children up to the age of 12 (other
benefits by referral - State Pension accepted
- Non-standard construction but confirmed as mortgageable max 75% LTV subject to not being an 'Unacceptable' property type
- Family gifted deposits accepted
- Non EEA applicants considered by referral
- England, Scotland and Wales
Acceptable Credit History
- Satisfied CCJ's and Defaults ignored for plan selection purposes
- Unsatisfied CCJ's and Defaults under £500 ignored for plan selection purposes
- DMP's discharged over 2 years ago acceptable with a satisfactory explanation
- DMP's discharged over 3 years ago acceptable
- Employed applicants accepted subject to a minimum of 3 months employment, within probation acceptable
- Self Employed applicants accepted subject to a minimum trading history
of 1 year - Retired applicants are accepted subject to them meeting the minimum income
the threshold from private pension sources - LTI over 5 times income available through our Prime LTI Boost Product subject to eligibility
- Mortgage term can be taken up to an applicants 85th birthday
- Debts being consolidated are excluded from the affordability calculation
- Automated expenditure assessment
- Married applicants with mortgages in a sole name accepted
- Child-related benefits are accepted for children up to the age of 12 (other
benefits by referral - State Pension accepted
- Non-standard construction but confirmed as mortgageable max 75% LTV subject to not being an 'Unacceptable' property type
- Family gifted deposits accepted
- Non EEA applicants considered by referral
- England, Scotland and Wales
Suitability
- Borrowers with less than a perfect credit score or who may have experienced some historical or more recent credit issues
- Borrowers who may need greater flexibility in obtaining larger mortgage sizes, for example, to fund significant home improvement projects or purchase an investment property/holiday home
- Self employed borrowers with a shorter trading history
- Self employed contractors and employed applicants working under an umbrella company
- Older borrowers
- Borrowers who are unable to obtain a mortgage due to LTI restrictions
- Borrowers where the speed of completion is important to them which may not be achievable via another lender
- Applicants who are sole owners of the property who are married but want the mortgage only in their sole name are acceptable subject to the non-owning occupier signing a consent form
- Borrowers whose credit score may have been adversely affected by a life event or a change in circumstances
Near Prime
Highlights
Highlights
- 5 Year Fixed Rates from 7.64%
- 2 Year Fixed Rates from 7.59%
- Lifetime Tracker rates from BBR +4.15%
- Up to 75% LTV available including capital raising for debt consolidation
- Available to borrowers with current or recent DMP’s
- Fast track remortgage service available
- AVM's up to £300,000 for remortgage customers subject to criteria
- Automated Affordability Decisioning
- Zero Lender Fee Option Available
- Free Fast Track Legal Service Available
- Valuation Refund Option Available
- Cashback Option Available
Features
- No credit scoring; each case is assessed on its own merits
- Caters for borrowers with CCJ's, defaults and current or recent DMP's
- Available for First Time Buyer, Remortgage and Homemover
- Purchase & Remortgages including capital raising for debt consolidation available up to 75% LTV
- LTI of 5 times income considered subject to meeting eligibility requirements
- Skilled Worker Visa's/Health and Care Work Visa's & Ancestry Visa's considered up to 80% LTV
- Capital raising for most legal purposes acceptable, including Debt Consolidation, Home Improvements, and releasing equity to help get family members onto the property ladder
- Available for Self Employed Applicants with a minimum of 1 years SA302's
- Fast Track remortgage service provided by our in-house legal team
- Terms from 5-40 years
- Flexible loan sizes from £25,000 to £750,000
- Minimum age 21 with the loan term ending by age 85
- Available to employed, self-employed, contractors and older borrowers
- Fixed rates and lifetime tracker products available
Criteria
- Employed, Self Employed, Contractors and Retired applicants (subject to minimum income requirements)
- Employed applicants accepted subject to a minimum of 3 months employment, within probation acceptable
- Self Employed applicants accepted subject to a minimum trading history of 1 year
- Retired applicants accepted subject to them meeting minimum income threshold from private pension sources
- Maximum LTI 5.0
- Current DMP's or DMP's that are discharged are acceptable with a satisfactory explanation
- Automated expenditure assessment
- Child-related benefits accepted for children up to the age of 12 (other benefits by referral)
- State Pension accepted
- Non-standard construction but confirmed as mortgageable max 75% LTV subject to not being an 'Unacceptable' property type
- No IVA, Bankruptcies or repossessions within the last 6 years
- Current or Discharged DMP's accepted with satisfactory explanation
- England, Scotland and Wales
Acceptable Credit History
- Minimum 12 months mortgage/rental history (not required for first time buyers)
- No secured arrears in the last 3 months and not more than 1 in the last 12 months
- Not more than 1 unsatisfied CCJ's and Defaults over £500 in the last 12 months
- Satisfied CCJ's and satisfied defaults accepted
- Unsecured arrears permitted accompanied by a plausible explanation
- Unsecured credit with balances below £500 are excluded from plan assessment purposes but will be reviewed for affordability
- Utilities and comms suppliers' payment profiles are not taken into account for plan assessment purpose (excluding CCJs and defaults)
- No IVA, Bankruptcies or repossessions within the last 6 years
- Discharged DMP accepted with satisfactory explanation. Current DMP accepted if being discharged directly from the mortgage proceeds & satisfactory explanation
- No payday loan activity within the last 3 months
Suitability
- Borrowers with less than a perfect credit score or who may have experienced some historical or more recent credit issues
- Borrowers who may find it more difficult to obtain a high street mortgage
- Borrowers who may have been subject to a one-off lifetime event which have adversely impacted on their credit score
- Borrowers where the speed of completion is important to them which may not be achievable via another lender
- Applicants who are sole owners of the property who are married but want the mortgage only in their sole name are acceptable subject to the non-owning occupier signing a consent form.
- Family gifted deposits accepted
- Non EEA applicants considered by referral
Right to Buy
Highlights
Highlights
- 5 Year Fixed Rates from 6.69%
- 2 Year Fixed Rates from 6.84%
- Lower of 100% of discounted purchase price of 75% of the OMV
- Up to age 85 at the end of the loan term
- Purchase only
- England and Isle of Wight only
- Max LTI 5.0 times income
- Automated Affordability Decisioning
- Free Fast Track Legal Service Available
- Zero Lender Fee Option Available
- Valuation Refund Option Available
- Cashback Option Available
Features
- No credit scoring; each case is assessed on its own merits
- Caters for borrowers with minor credit blips or more historical credit issues over 12 months ago
- Purchase only
- Lower of 100% of discounted purchase price or 75% of the OMV
- LTI of 5 times income considered subject to meeting eligibility requirements
- Skilled Worker Visa's/Health and Care Work Visa's & Ancestry Visa's considered up to 80% LTV
- Available for Self Employed Applicants with a minimum of 1 years SA302's
- Fast Track remortgage service provided by our in-house legal team
- Terms from 5-40 years
- Flexible loan sizes from £25,000 to £500,000
- Minimum age 21 with the loan term ending by age 85
- Available to employed, self-employed, contractors and older borrowers
- Fixed rate products available
- England and Wales
Criteria
- Council Flats accepted up to 4 stories with a minimum property value of £200,000 up to 65% LTV
- Council flats 5 stories or more with a lift considered by referral
- Last 12 months rental payments required
- Capital & Interest only - Interest only not available
- Employed, Self Employed, Contractors and Retired applicants (subject to minimum income requirements)
- Employed applicants accepted subject to a minimum of 3 months employment, within probation acceptable
- Retired applicants accepted subject to them meeting minimum income threshold from private pension source
- LTI's up to 5 times income as standard
- Mortgage term can be taken up to an applicants 85th birthday
- Automated expenditure assessment
- Loans over £500,000 considered by referral
- England and Wales only
Acceptable Credit History
- Minimum 12 months mortgage/rental history (not required for first time buyers)
- No secured arrears in the last 12 months and account must be up to date
- Unsatisfied CCJ's and Defaults under £500 accepted
- No Unsatisfied CCJ's or Unsatisfied defaults over £500 in the last 12 months
- No satisfied CCJ's or satisfied defaults over £500 in the last 12 months
- Unsecured arrears accepted where outstanding arrears being cleared by the mortgage
- Unsecured credit with balances below £500 are excluded from plan assessment purposes but will be reviewed for affordability
- Utilities and comms suppliers' payment profiles are not taken into account for plan assessment purpose (excluding CCJs and defaults)
- No IVA/DMP/Bankruptcies or repossessions within the last 6 years
- No payday loan activity within the last 12 months
- Total CCJ value over £7,500 can be done by referral
Suitability
- Borrowers looking to purchase their existing home under Goverment's Right to Buy Scheme
- Borrowers whose credit score would prevent them from accessing mainstream Right to Buy lending
- Borrowers who are struggling to get a Right to Buy Mortgage who have satisfied CCJ's and/or defaults
- Borrowers who are struggling to get Right to Buy Mortgages who have unsatisfied CCJ's or defaults under £500
- Borrowers who are struggling to get a Right to Buy Mortgage who have missed payments on utilities or comms supplier accounts
- Older borrowers
- Borrowers with more complex income
- Borrowers with good credit profiles whilst still allowing for the occasional payment blip
- Borrowers who are prevented from getting a Right to Buy Mortgages as a result of LTI restrictions
Shared Ownership
Highlights
Highlights
- 5 Year Fixed Rates from 6.29%
- 2 Year Fixed Rates from 6.54%
- Up to 100% of shares being purchased up to a maximum of 75% of OMV
- Minimum share 25%/Maximum share 75%
- Up to age 85 at the end of the loan term
- Purchase and Remortgage
- England and Wales
- Max LTI 5.0 times income
- Automated Affordability Decisioning
- Free Fast Track Legal Service Available
- Zero Lender Fee Option Available
- Valuation Refund Option Available
- Cashback Option Available
Features
- No credit scoring; each case is assessed on its own merits
- Caters for borrowers with minor credit blips or more historical credit issues over 12 months ago
- Purchases and Remortgages
- Up to 100% of shares being purchased up to a maximum of 75% of OMV
- Minimum share 25% Maximum share 75%
- Skilled Worker Visa's/Health and Care Work Visa's & Ancestry Visa's considered up to 80% LTV
- Available for Self Employed Applicants with a minimum of 1 years SA302's
- Fast Track remortgage service provided by our in-house legal team
- Terms from 5-40 years
- Flexible loan sizes from £25,000 to £450,000 (London) /£450,000 (outside London)
- Minimum age 21 with the loan term ending by age 85
- Available to employed, self-employed, contractors and older borrowers
- Fixed rate products available
- England and Wales
- Available for shared ownership schemes registered in England and Wales with the Homes Community Agency (Homes England) and the Welsh Assembly (Shared Ownership Wales)
Criteria
- Maximum lending is set at 100% of the share being purchased
- Applicant's minimum share is set at 25%
- Applicant's maximum share is limited to 75%
- Capital & Interest only - Interest only not available
- Employed, Self-Employed, Contractors and Retired applicants (subject to minimum income requirements)
- Employed applicants accepted subject to a minimum of 3 months employment, within probation acceptable
- Retired applicants accepted subject to them meeting minimum income threshold from private pension source
- Applicants must meet all government/ housing association eligibility criteria to qualify for the Shared Ownership purchase
- Applicants must receive their own legal representation
- Lease meets our requirements, including a Mortgage Protection Clause and the ability to staircase to 100%
- Memorandum of Sale required for purchases
- LTI's up to 5 times income as standard
- Mortgage term can be taken up to an applicants 85th birthday
- Automated expenditure assessment
- Loans over £450,000 considered by referral
- England, Wales and Isle of Wight only
- Like remortgages accepted where applicants have owned their share of the property for at least 12 months
Acceptable Credit History
- Minimum 12 months mortgage/rental history (not required for first time buyers)
- No secured arrears in the last 12 months and account must be up to date
- Unsatisfied CCJ's and Defaults under £500 accepted
- No Unsatisfied CCJ's or Unsatisfied defaults over £500 in the last 12 months
- No satisfied CCJ's or satisfied defaults over £500 in the last 12 months
- Unsecured arrears accepted where outstanding arrears being cleared by the mortgage
- Unsecured credit with balances below £500 are excluded from plan assessment purposes but will be reviewed for affordability
- Utilities and comms suppliers' payment profiles are not taken into account for plan assessment purpose (excluding CCJs and defaults)
- No IVA/DMP/Bankruptcies or repossessions within the last 6 years
- No payday loan activity within the last 12 months
- Total CCJ value over £7,500 can be done by referral
Suitability
- Borrowers looking to purchase their existing home under Goverment's Shared Ownership Scheme
- Borrowers whose credit score would prevent them from accessing mainstream Shared Ownership lending
- Borrowers who are struggling to get a Shared Ownership Mortage who have satisfied CCJ's and/or defaults
- Borrowers who are struggling to get Shared Ownership Mortgage who have unsatisfied CCJ's or defaults under £500
- Borrowers who are struggling to get a Shared Ownership Mortgage who have missed payments on utilities or comms supplier accounts
- Older borrowers
- Borrowers with more complex income
- Borrowers with good credit profiles whilst still allowing for the occasional payment blip
- Borrowers who are prevented from getting a Shared Ownership Mortgages as a result of LTI restrictions
Let us help you get started
To talk to us about what we can do for you and your client or simply learn more about what West One has to offer, get in touch today.
