Its members gain access to the lender's residential proposition
finova Payment and Mortgage Services, a cloud-based mortgage software provider, has announced that it has been added to West One Loans’ residential distribution panel.
As a result, finova’s members will now be able to access the lender’s residential proposition, which covers purchase, remortgage, and unencumbered properties.
Melanie Spencer (pictured), head of finova Payment and Mortgage Services, commented: “There is no doubt that there is a growing need for specialist finance to support borrowers through the current economic turbulence, so we are proud to be working with West One Loans to ensure our brokers have access to a wide range of products for all their clients, including those who may not fit traditional lending criteria.
“We have been offering West One Loans’ buy-to-let products to finova Payment and Mortgage firms for some time now, so we’re delighted to be continuing this partnership to support even more borrowers through access to their residential mortgage products.”
West One’s suite of products are aimed at employed, self-employed, contractors, and retired applicants, as well as those who struggle to meet the traditional credit scoring requirements of high street lenders.
The lender offers a standard maximum loan-to-income (LTI) ratio of up to five times’ income across all plans. Its Prime Plus Flex and Prime Flex products are available for LTIs at over five times’ income, subject to the applicant meeting eligibility requirements.
The lender also offers flexible loan sizes from £25,000 to £1 million over a five to 40-year payment term. Loan to values (LTVs) of up to 85% are available for all borrowers, including first-time buyers, or for almost any legal purpose, including debt consolidation.
A fast track remortgage service is also provided for West One Loans customers through its on-site solicitors for loan sizes up to £750,000.
Paul Huxter, head of clubs and networks at West One Loans, added that it was excited to be partnering once again with finova and its members, who would now be able to access their recently launched range of residential mortgage products.
“Our products are designed to provide specialist mortgage solutions for borrowers who may find it difficult to qualify for a high street mortgage and whose needs would best be served by a more individual approach to underwriting,” Huxter said.
“We are confident that our residential mortgage proposition will provide finova members and their clients with an increased number of options to meet more complex borrowing needs.”
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