It is also set to unveil a number of major product and criteria changes
Specialist lender West One Loans has initiated a major recruitment campaign aimed at bolstering its market share in the residential and second charge mortgage sectors.
The lender announced the creation of two new senior roles under the leadership of Marie Grundy (pictured), managing director of residential mortgages and second charges, signalling a strategic push for growth.
Grundy, who continues to helm the strategy for both divisions, will be supported by newly appointed Pauline Rylands as head of specialist distribution and Paul Huxter as head of intermediary sales and distribution.
Rylands, previously national sales manager, will focus on enhancing partnerships across both residential mortgages and second charges, while Huxter, former head of clubs and networks, will manage the lender’s intermediary relationships and field sales team.
The company is also adding several key account managers to assist Rylands and increasing its support staff to bolster broker interactions. West One is in the process of hiring regional account managers and expanding its team of telephone business development managers to support its new and existing sales initiatives.
Indicating the start of the lender’s expansive hiring phase, David Venn, recently of Tandem Bank, has joined as the regional account manager for the South East.
Over the coming months, West One said it would announce enhancements to its products, pricing, and criteria in a bid to achieve its ambitious growth plans.
The first of those changes sees West One overhaul its legal process, making remortgage quicker and more accessible. The revamp includes the introduction of a low-cost, fixed fee of £99 for the fast track remortgage service, challenging the traditional “free Legals” products. This option now extends to unencumbered properties and caters to remortgages up to £750,000 across England, Wales, and Scotland.
🎤 99 problems but the fees ain't one! 🎶 For more information reach out to the team: ✉️ [email protected] or 📞 0333 123 4556
— West One Loans (@westoneloans) May 2, 2024
*For Intermediaries Only #Residential #WestOne #FastTrackRemortgage pic.twitter.com/9jVU8V7kqR
The service is available for both like-for-like and capital raising remortgages, supporting up to 90% loan-to-value (LTV) ratios, which includes debt consolidation.
Additionally, West One has lowered the costs for mortgages under £400,000 using its dual representation legal service, and also for borrowers who opt for separate legal representation.
West One’s fast track service distinguishes itself by initiating legal processes upon application receipt, as opposed to the traditional method where legal proceedings start after the offer is issued.
“This is an exciting new chapter in our ambition to drive exponential growth in both our residential mortgage and second charge business,” Grundy said. “The past 18 months have provided us with a fantastic opportunity to learn and test our residential mortgage proposition, and now the time is right to put the pedal down.
“Over that time, we have been working closely with our brokers to understand their priorities and their needs, and now we feel we are in a position to ramp up our offering in this area. To do that, we need to grow, which is why we have embarked on such a major recruitment drive.
“As well as this commitment to growing our team over the coming weeks and months, we will also announce a number of major product and criteria changes that we believe will create the most competitive product proposition in the specialist residential and second charge markets.”
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