"We believe this move into Right to Buy and shared ownership, which includes a more individual approach to underwriting, is a valuable addition to our product offering."
- Marie Grundy, managing director of residential mortgages at West One
West One Loans has launched Right to Buy and shared ownership products as part of an expansion of its residential mortgage range.
The specialist lender’s Right to Buy range starts from 6.85% and is open to purchase borrowers looking for loans of between £25,000 and £500,000.
The lender will accept up to 100% of the discounted purchase price up to a maximum overall LTV of 75% as well as ex-council flats up to four storeys with a minimum value of £200,000. Dual representation is available for Right to Buy purchasers.
West One’s new shared ownership range, which is open to purchase and remortgage borrowers, starts from 6.45% and is available for government approved schemes.
The range is tiered, with products available up to 100% of the shares being purchased, up to a maximum of 75% of the open market value.
To qualify for both West One’s Right to Buy and shared ownership products, borrowers must meet the credit eligibility requirements set out in the lender’s Prime Plus core range.
That means it will accept borrowers with satisfied CCJs/defaults, unsatisfied CCJs/defaults under £500, unsatisfied CCJs/defaults over two years old and those with payment blips on unsecured credit with balances over £500.
Loan terms of up to 40 years are available and the loan term can finish by the borrower’s 85th birthday. The lender’s standard maximum loan-to-income ratio of 5 times income applies.
Separately, West One has increased the maximum LTV on its Prime Plus core range to 80%, while it will also now lend beyond 80% LTV for first-time buyers without a 12-month rental history.
Marie Grundy, managing director of residential mortgage and second charge at West One Loans, said: “We are always looking at ways we can help first-time buyers get onto the housing ladder, so we are glad to introduce new sets of products to help borrowers achieve home ownership through more affordable housing solutions.
“These new products will appeal to those who are finding it difficult to raise a deposit, either because of regional variances in house prices or where home ownership simply feels out of reach.
“These major enhancements to our residential product range will provide brokers with additional options for clients who fall outside of mainstream lending, and we believe this move into Right to Buy and shared ownership, which includes a more individual approach to underwriting, is a valuable addition to our product offering.
“This move was a natural next step for us as we look to build a range that is as comprehensive as anything in the specialist residential market. This takes us closer to that goal.”
