West One Loans opens up its residential range to all brokers in Scotland

West One Loans has opened up its residential range to all registered brokers operating in Scotland following a successful pilot.

The specialist lender started lending in Scotland for the first time earlier this month, initially through two Mortgage Advice Bureau firms. 

However, now all brokers registered with West One, including club and network members, can submit Scottish cases to the Watford-based lender. 

As part of the West One's expansion, Scottish borrowers will have access to the lender's fast-track mortgage service, which is available on standard remortgages up to £750,000.

The fast-track remortgage service means West One will instruct a Scottish solicitor on receipt of the application, rather than at the offer stage. Combined with a faster legal process, the service is designed to significantly speed up completion times for customers looking to remortgage. 

Meanwhile, West One has also introduced new criteria to support concessionary purchases, allowing borrowers to purchase from a family member at a discounted price and with a 5% deposit. The maximum loan considered will be calculated at the lower of the plan maximum LTV or 95% of the purchase.

West One's residential range, which is launched in 2022, caters for first-time buyers, home movers and remortgage customers who are underserved by high-street mortgage lenders. 

Marie Grundy, Managing Director of Residential Mortgage and  Second Charges at West One says: “We're delighted with how well our residential range has gone down with brokers and borrowers since we launched 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. 

"Like the rest of the UK, there is a 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." 

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