Specialist lender West One Loans has launched an online affordability calculator for residential mortgages.
The affordability calculator aims to streamline the mortgage application process as brokers can quickly secure accurate affordability decisions before submitting a new enquiry.
They can also determine a maximum borrowing, which can help brokers compare options for purchase and remortgage.
The affordability calculator covers West One Loans’ two product ranges, its core product range and its LTI Boost range.
The core product range offers a standard loan to income (LTI) ratio of 5x income up to 95% loan to value (LTV), and the LTI Boost offers 5x income up to 80% LTV. This is subject to a minimum household income of £50,000.
West One Loans accommodates up to 100% of regular bonus, overtime, and commission income, along with flexible self-employed income assessments.
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Loan terms of up to 40 years are available, with a standard minimum employment time of three months. The retirement age of up to 75 for those with viable working arrangements is accepted, and mortgage terms extend to age 85.
Paul Huxter, head of intermediary sales and distribution at West One Loans, said: “We are delighted to have launched another great tool for our brokers. This new affordability calculator underscores West One Loans’ dedication to providing 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.”
