West One Loans has launched a range of limited edition 95% loan-to-value (LTV) products as part of the ongoing revitalisation of its residential range.
The new deals are available to first-time buyers only, with rates starting at 8.19% and zero lender fee options available.
It marks the first time that the lender has ever lent to 95% LTV.
West One’s 95% LTV range offers loan-to-income (LTI) ratios of up to five-times income and loan sizes of up to £500,000.
The lender allows for defaults (satisfied and unsatisfied) and satisfied County Court Judgements (CCJs) of up to £500.
It also allows for one satisfied CCJ, unsatisfied default or satisfied default of more than £500 if it was registered more than 36 months ago.
Alongside launching new 95% products, West One has also made several other changes to its residential range.
From today, the lender’s Prime Plus Higher LTV credit eligibility criteria will now only include 90% and 95% LTV products, compared with 85% and 90% LTV before.
The Watford-based lender has also introduced a series of zero lender fee options for its 90% LTV range, and is increasing its LTVs for its Prime Plus Core products from 75% to 80% and its Prime Plus LTI Boost products from 75% to 80%.
The Prime Plus LTI Boost range offers uncapped loan-to-incomes (LTIs) for borrowers with a minimum household income of £50,000.
For its Prime Plus Higher LTV and Prime Plus Core options, the lender will now consider CCJs of more than £5,000 by referral or they can be placed on its Prime or Near Prime plans.
Marie Grundy, managing director of residential mortgages and second charges at West One Loans, said: “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.
“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.
“This move marks a significant milestone in our journey toward becoming the leading lender in the specialist mortgage market.
“Throughout this year, we have focused on expanding our team and refining our offering to better serve brokers and their clients while strengthening our presence in a highly competitive space.
“As we move toward the end of the year, brokers can expect further enhancements to our range as we continue to innovate and expand our proposition.”
