West One Loans has started lending in Scotland with its residential range now available to registered brokers north of the border.
This follows a pilot earlier this month through two Mortgage Advice Bureau firms.
This expansion means all brokers registered with West One, including club and network members, can submit Scottish cases to the Watford-based lender.
These brokers will have access to the lender’s fast-track mortgage service, which is available on standard remortgages up to £750,000.
This will see West One will instruct a Scottish solicitor on receipt of the application, rather than at the offer stage. This 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.
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.
West One Loans managing director of residential mortgage and second charge Marie Grundy, says: “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.”
“We are 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.”
