West One Loans has launched a range of first-charge residential mortgage loans that it says are “aimed at borrowers who are underserved by high-street lenders”.
Its range is open to first-time buyers, home movers and remortgage customers who have typically been unable to secure finance from mainstream lenders.
The specialist lender says it will cater for those with non-standard borrowing requirements, such as self-employed borrowers, older applicants and customers who struggle to meet credit scoring requirements.
The range consists of prime plus, prime and near-prime products with rates starting from 4.74%.
Loans come with terms of between five and 40 years and loan-to-income ratios of 4.5 times salary and above, subject to eligibility.
Self-employed borrowers with one year’s trading history are considered, as are contractors and borrowers working under IR35.
Applications are also open to borrowers with satisfied county court judgements and defaults, as well as those with unsatisfied county court judgements and defaults under £500.
The firm says the creditworthiness of borrowers will be individually assessed by its own underwriters and credit risk experts.
It will also offer remortgage customers a fast-track legal service provided by on-site solicitors for remortgages 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 two brokerages in the group, Vantage Finance and Enterprise Finance, to create a new firm called Aria Finance.
Enra says the combination will provide “best-in-class products, allows for greater knowledge sharing and collaborative working, and further enhances the services offered to intermediaries and their clients”.
