West One Loans launches resi loans for underserved borrowers

West One Loans has launched a range of prime residential mortgages which it says are “aimed at borrowers underserved by high street lenders”.

Its range is open to first-time buyers, movers and mortgage customers who have typically been unable to obtain financing from traditional lenders.

The specialist lender says it will cater to those with non-standard borrowing needs, such as self-employed borrowers, older applicants and clients who struggle to meet credit scoring requirements.

The range consists of prime plus, prime and near-prime products with rates starting at 4.74%.

The loans have tenors between five and 40 years and loan-to-income ratios of 4.5 times salary and above, subject to eligibility.

Self-employed borrowers with a year of business history are considered, as are entrepreneurs and borrowers working under IR35.

Applications are also open to borrowers with satisfied county court judgments and defaults, as well as those with unsatisfied county court judgments and defaults of less than £500.

The company says the creditworthiness of borrowers will be assessed individually by its own underwriters and credit risk experts.

It will also offer mortgage customers a fast-track legal service provided by on-site solicitors for mortgages up to £750,000, with automated valuation models available for loan sizes up to £150,000 for prime plus borrowers. .

The lender says the range will initially be available through a network of specialist distributors, which includes Aria, Y3S, Brightstar, Positive Lending, Loan.co.uk, The Loans Engine, Truffle Specialist Finance, Chase Blue and Everything Financial.

Earlier this week, West One Loans’ parent company, Enra Specialist Finance, merged the group’s two brokerage firms, Vantage Finance and Enterprise Finance, to form a new company called Aria Finance.

Enra says the combination will provide “best-in-class products, enable greater knowledge sharing and collaborative working, and further improve the services offered to intermediaries and their customers.”

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