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West One Loans is to develop from a specialist lender to launching first charge buy to let mortgage products.
The new West One first charge range will include both standard and specialist products initially available through partners including Enterprise Finance, Vantage Finance, Brightstar, Dynamo and Connect for Intermediaries – with wider distribution to follow.
Danny Waters, chief executive of West One Loans owner Enra Group, said: ‘Our launch into the first charge buy to let mortgage market is an exciting new chapter for West One, and is the next step in our growth following the successful launch of development finance last year, and second charge mortgages in 2017.
‘We are committed to providing a wider reach of specialist lending products to meet the needs of borrowers who would benefit from a common-sense approach to lending.’
“He continued: ‘Our extensive experience within the property finance market means we are well positioned to understand the complexities of the market, in addition to focusing on making the process of obtaining a buy to let mortgage as painless as possible.’
The standard West One range is available to both individual and limited company borrowers secured against standard property types, whilst the specialist range caters for HMOs, MUFBs, ex-pats, holiday lets and Airbnb properties.
West One products on offer include two and five-year fixed term loans, with rates starting from 3.39 per cent, with a maximum loan-to-value of 80 per cent and loan sizes up to £2 million. A fast track remortgage option is also available to individual borrowers remortgaging up to a loan size of £750,000.
The West One team of in-house developers have also created a broker portal to support the launch.
The IT platform will be closely followed by the addition of a broker case hub, which should enable intermediaries to have streamlined processes and enhanced communication with West One’s dedicated underwriting team.