West One has raised its standard residential mortgage loan-to-income cap from 5.0 to 5.5 times income.

The change applies to purchases and remortgages across all core credit tiers. West One said the move supports borrowers underserved by mainstream lenders.

The higher cap also applies to Right to Buy purchases. Shared Ownership products are excluded.

West One also expanded its Automated Valuation Model criteria for remortgage customers. The changes apply across Premier, Platinum and Prime Plus core products.

The maximum AVM loan size has increased from £300,000 to £500,000. The maximum loan-to-value ratio has risen from 70% to 75%.

Underwriters will assess AVM eligibility early in the application process. Cases approved for AVM can proceed without a physical valuation.

Marie Grundy, managing director of mortgages at West One, said the changes would speed up remortgages for brokers and customers.

Meanwhile, Santander will cut mortgage rates from Friday 20 May by up to 27bps.

The reductions cover first-time buyer, home mover and remortgage fixed and tracker products. The rates apply through brokers and direct channels.

New remortgage deals include a 4.62% two-year fixed rate at 60% LTV with a £999 fee.

Santander also launched a 4.74% two-year fixed rate at 75% LTV and a 5.15% equivalent at 90% LTV.

First-time buyer products saw cuts of up to 23bps across selected two-, three- and five-year fixed rates.

Home mover products were reduced by up to 24bps. Two-year tracker rates were cut by as much as 19bps.

Remortgage rates also fell across two-, three-, five- and ten-year fixed products. Two-year tracker rates dropped by up to 27bps.