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Paradigm adds West One Loans resi deals; L&G integrates Gen H affordability calculator – round-up

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  • 20/03/2023
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Paradigm adds West One Loans resi deals; L&G integrates Gen H affordability calculator – round-up
Mortgage, protection and compliance services firm Paradigm had added West One Loans' residential deals to its platform.

Paradigm’s member firms will be able to access West One Loans’ residential offering, which covers purchase, remortgage and unencumbered properties.

The lender’s residential mortgage products are across three tiers which are prime plus, prime and near primes.

Loan sizes available range from £25,000 to £1m and repayment terms go from three to 40 years.

There is also a fast-track remortgage service and multiple product options.

The standard maximum loan to income (LTI) is up to five times income across all plans, and can be considered on prime plus flex and prime flex subject to eligibility requirements.

Employed, self-employed and retired applicants are considered and loan to values (LTV) of up to 85 per cent are available.

Capital raise is also eligible which includes debt up to 85 per cent LTV.

Richard Howes, director of mortgages at Paradigm, said: “There is a growing complexity to residential borrowers’ needs and circumstances, which means there is an increase in need for specialist mortgage products from lenders who fully understand this market, and can tailor their service and criteria to those specific needs.

“We are therefore very pleased to be able to offer West One’s new residential proposition to Paradigm member firms, who we know are increasingly active in the specialist residential space and are always looking for quality lenders who can provide individual support for both them and their clients.”

He added: “We have been working with West One for some time, offering its buy-to-let products to Paradigm firms, so we’re very pleased to be able to work together, pushing out this new specialist residential proposition, which I’m sure will be welcomed widely by our members.”

Paul Huxter, head of clubs and networks at West One, said: “In the current challenging economic environment we find ourselves in, our residential products will help Paradigm firms and their advisers find the right solution for their clients.

“Through the trusted partnership we have built with their members we will assist in getting their specialist residential cases placed.”

 

Legal and General adds Gen H affordability calculator to SmartFit

Legal and General has integrated Gen H’s affordability calculator to its technology tool SmartrFit.

Gen H lends up to 95 per cent LTV and 5.5 times income for first-time buyers, homemovers and remortgagers.

At 95 per cent LTV the maximum loan size is £500,000 or £700,00 for London and the South East.

The lender also offers an income booster feature where applicants can get up to six times income if family members can contribute to monthly payments, build equity in the home or are on standby in case they are needed.

Income boosters can be removed before the maximum age of 85 or when owners can afford monthly payments on their own.

Legal and General acquired an 18.5 per cent stake in Gen H last year following a Series B round, and is helping the lender launch “launch innovative mortgage products and technology solutions to meet the needs of underserved homeowners”.

Jodie White, head of product and transformation at Legal and General Mortgage Services, said: “Integrating Gen H’s innovative affordability calculator to SmartrFit is just another way that we are using technology to support our fast-paced market.

“We have seen adviser searches for first-time buyers grow on our SmartrFit tool since the start of the year, while the number of higher LTV products (typically relied on by first-time buyers) continues to steadily improve. It is vital that we continue to advance our support for aspiring buyers and their advisers, all operating in a busy period.”

Will Rice, Gen H’s CEO, said: “We’re delighted that advisers will now be able to check a client’s affordability for Gen H products through SmartrFit.

“Affordability continues to be one of the main barriers to first-time buyers getting onto the property ladder, which is why it is vitally important that customers get an accurate understanding of how much they could borrow based on their individual circumstances. Anything that makes this easier, like this latest integration, will benefit the end customer.”

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