West One Loans widens residential range to Scotland

West One Loans widens residential range to Scotland

Specialist lender West One Loans has opened up its residential range to all registered brokers in Scotland after a successful pilot.

West One Loans started lending in Scotland earlier this month, initially through two Mortgage Advice Bureau (MAB) firms.

All brokers registered with West One, including club and network members, can submit Scottish cases to the lender.

Borrowers in Scotland will be able to access the lender’s fast-track remortgage service, which instructs a Scottish solicitor on receipt of the application as opposed to the offer stage. This can be secured on standard remortgages up to £750,000.

The lender has also introduced updated criteria to support “concessionary purchases”, so borrowers can buy from a family member at a discounted price with a five per cent deposit. The maximum loan is calculated at the lower of 95 per cent of the purchase price or the maximum loan to value (LTV).

West One Loans entered into the residential mortgage space in 2022, with Marie Grundy (pictured), managing director of residential mortgage and second charge at West One Loans, telling this publication that going into the residential market was a “natural next step as we build on our already comprehensive product range” and its aim was to be the “UK’s largest non-bank specialist property lender”.

Grundy said: “We’re delighted with how well our residential range has gone down with brokers and borrowers since we launched it in the back end of 2022.

“When we launched into the owner-occupied market, the plan was always to expand into Scotland eventually. We are pleased we are now able to do so – and at scale.”

She continued: “Like the rest of the UK, there is huge demand in Scotland for specialist finance aimed at borrowers who are overlooked mainstream high street lenders.

“Therefore, we are excited to be able to offer another option to those living in Scotland who may have non-standard borrowing requirements or who could benefit from using a lender with a more individual approach to underwriting.”

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button


Get our latest downloads and information first. Complete the form below to subscribe to our weekly newsletter.

100% secure your website.