The lender launched near-prime products through six partners in March 2006, as part of the pilot for its recently rebranded intermediary proposition, West Brom for Intermediaries.
Now West Brom has said it is looking at offering near-prime products to the wider industry.
Paul Marland, assistant general manager, intermediary sales, at West Brom, said: “We launched into near-prime buy-to-let in March and as we review the success of the launch, we will review whether to expand in to the wider market.
“There are not many lenders in non-conforming buy-to-let and we would have to take stock over the level of business we are doing before we decided whether to expand. If we did, we would have a limit on the tranche of money. That’s because we would want to fulfil that tranche rather than set ambitious targets and not reach them.”
A decision is not expected for at least as month as the mortgage lender is waiting for brokers’ reactions to the range and the wider rebranding of the intermediary arm.
However, Marland ruled out a move into more adverse areas of the non-conforming market.
He commented: “The buy-to-let market is a lot cleaner in terms of the people involved so our involvement would depend on the degree of non-conforming. I don’t think we will be moving into the light or medium adverse range but if the near-prime goes well, we will look to expand there.”
Michael Brill, director of Baronworth Investment Services, said: “It depends on what rates are on offer, but the concept of near-prime buy-to-let is very good as many people have gone off the rails slightly and they should be charged on their own merits and have good rates that reflect that.”
