"“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."
- Marie Grundy, managing director of residential mortgages at West One
West One Loans has opened up its residential range to all registered brokers operating in Scotland following a pilot period.
The specialist lender started lending in Scotland for the first time earlier this month, initially through two Mortgage Advice Bureau firms.
Now, all brokers registered with West One, including club and network members, can submit Scottish cases to the Watford-based lender.
As part of 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 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 price.
Marie Grundy, managing director of residential mortgage and second charge at West One Loans, said: “We’re delighted with how well our residential range has gone down with brokers and borrowers since we launched it 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 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.”
