West One launches residential first-load mortgages

West One Loans has entered the prime residential mortgage market with offers aimed at borrowers who may be turned down by high street lenders.

The range will be open to first-time buyers, movers and mortgage customers.

The criteria are also suitable for those with non-standard borrowing needs, such as self-employed borrowers, older applicants, and those struggling to meet credit scoring requirements.

Loan rates, terms and sizes

The range will consist of Prime Plus, Prime and Near Prime products with rates starting at 4.74%.

Loan terms between five and 40 years will be available with loan to income ratios of 4.5x and above.

Loan sizes will range from £25,000 to £1million, offering loans at values ​​of up to 85% for mortgage customers, movers and borrowers with unencumbered properties. Interest-only options will also be available on some plans up to 75% LTV.

Self-employed borrowers may be considered with one year of business history, while entrepreneurs and borrowers working under IR35 will also be supported.

Applications will also be open to borrowers with satisfied CCJs and defaults, as well as those with unmet CCJs and defaults below £500.

The creditworthiness of borrowers will be assessed on an individual basis by West One’s highly qualified underwriters and credit risk experts.

For mortgage customers, West One will offer a fast-track legal service provided by on-site solicitors for mortgages up to £750,000, with AVMs available for loan sizes up to £150,000 for Prime Plus borrowers.

Grundy appointed to oversee first residential initiative

Mary Grundy (illustrated) has been appointed to lead the new proposal, taking the title of General Manager of Residential Mortgages and Second Charges.

She will work alongside Phil Tyson, Head of Term Lending, both supported by a field sales and broker support team, as well as office-based underwriters.

The products will initially be available through a network of specialist distributors including Aria, Y3S, Brightstar, Positive Lending, Loan.co.uk, The Loans Engine, Truffle Specialist Finance, Chase Blue and Everything Financial.

As part of the launch, West One has enhanced its brokerage portal and added a new case hub to streamline the application process and further improve communication between its underwriting team and intermediaries.

“Natural stage of evolution”

Marie Grundy said: “The launch of residential mortgages is a natural next step in West One’s evolution as the UK’s leading specialist lender.

“Our unique approach to credit assessment is based on treating each applicant on an individual basis, and this model is perfectly suited to support residential borrowers who are overlooked by many leading banks.

“We want to help these underserved borrowers by giving them access to specialized products that meet their specific needs.

“Not all borrowers have a perfect credit history and not all applicants will meet banks’ stricter lending criteria, but that does not mean they should automatically be cut off from accessing forms of credit. responsible.

“Our mission at West One has always been to help as many borrowers as possible and we are delighted to now be able to extend this support to residential customers.”

Paul McGonigle, Managing Director of Positive Lending, added, “We are very pleased to partner with West One to provide borrowers underserved by traditional lenders with greater choice of financing options.

“Improving access to mortgage financing for customers who don’t meet standard lending criteria is always important, but it’s even more relevant in today’s market.

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