West One Loans has introduced a new online affordability calculator for residential mortgages, to simplify the mortgage application process.
The calculator helps brokers determine maximum borrowing capacity, aiding those comparing options for purchases and remortgages.
Affordability checks can be completed based on West One’s core product range, which offers loan-to-income (LTI) ratios of up to 5.0 times income, up to 95% loan-to-value (LTV), including first-time buyers.
Its LTI Boost range offers ratios above 5.0 times income up to 80% LTV, requiring a minimum household income of £50,000.
Features include accommodating 100% of regular bonus, overtime, and commission income.
The calculator also provides flexible self-employed income assessments using the latest SA302 in most scenarios, accepting self-employed borrowers with a minimum of one year’s trading on selected products.
Loan terms can extend up to 40 years, with a standard minimum employment time of three months.
Older borrowers are supported, with potential mortgage terms extending to 85 years old and retirement ages up to 75 for those with viable working arrangements.
Paul Huxter, head of intermediary sales and distribution, said: “We are delighted to have launched another great tool for our brokers.
“This new affordability calculator underscores West One Loans’ dedication to provide innovative solutions that simplify the mortgage application process.
“Brokers can access the tool directly on the West One website, helping them provide greater choice to their clients who can benefit from our quick, reliable affordability assessments at an early stage in the customer journey.”
