West One raises LTI limits and expands AVM criteria
The maximum loan size eligible for an AVM has risen from £300,000 to £500,000, and the maximum LTV is now 75%, up from 70%.
West One has increased standard loan-to-income (LTI) limits from 5.0 to 5.5 times income for purchases and remortgages across all core residential mortgage products.
This applies to all product credit tiers and Right to Buy purchases, but not to Shared Ownership products, which were updated separately.
Higher loan-to-income (LTI) limits for Extra products remain unchanged.
The lender has also adjusted its automated valuation model (AVM) criteria for remortgage customers.
The maximum loan size eligible for an AVM has risen from £300,000 to £500,000, and the maximum loan-to-value (LTV) is now 75%, up from 70%.
The underwriting team will run AVMs early in the application process and notify brokers directly if a case can proceed without a physical valuation.
Marie Grundy (pictured), managing director of mortgages at West One, said: “Our aim is to make the remortgage process as smooth and efficient as possible for both brokers and their clients.
“The improvements to our AVM criteria will complement our innovative free fast track legal remortgage process which also includes the acceptance of electronically signed mortgage deeds, meaning more customers can benefit from a faster, lighter-touch process.”
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