It also updates criteria to support concessionary purchases
Specialist lender West One Loans has expanded its residential mortgage range to all brokers in Scotland after a trial period with select firms.
The lender, which entered the Scottish market earlier this month, initially partnered with two Mortgage Advice Bureau firms for its pilot. Now, the expansion allows all brokers registered with West One, including those in clubs and networks, to submit applications for Scottish clients.
Based in Watford, West One is introducing its fast-track mortgage service to the Scottish market, aiming to streamline the remortgaging process. This service, available for standard remortgages up to £750,000, initiates legal proceedings upon application receipt, rather than waiting until the offer stage.
In addition, West One has updated its criteria to facilitate concessionary purchases. This allows borrowers to buy property from a relative at a reduced price, with only a 5% deposit required. The maximum loan amount will be determined by either the lower of the plan’s maximum loan-to-value (LTV) or 95% of the property’s purchase price.
“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,” said Marie Grundy (pictured), managing director of residential mortgage and second charge at West One Loans. “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.
“Like the rest of the UK, there is huge demand in Scotland for specialist finance aimed at borrowers who are overlooked by 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.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
