West One Loans has launched it’s new second charge mortgage proposition, working exclusively with a select panel of external master brokers, and has already placed its first case.
Pink Pig Loans, who was selected partner during their pilot stage, approached West One with a self-employed client looking to raise £100,000 on £1.5m security for home improvements. Their self-employed status made it a challenge to raise the funds but West One was able to agree on the loan within 10 days after assessing income and affordability.
Marie Grundy, Sales Director at West One Loans, said: “This is an important milestone in the development of our long-term lending. Having refined our proposition through its pilot phase, we’re now rolling this out with selected master brokers, so the first case is always the ‘acid test’.
“Our proposition is built upon West One’s solid reputation for taking time to understand individual borrowers’ needs, meaning we can cater for borrowers who require a bespoke approach to lending. In this case, we were able to assess the income and affordability of a self-employed producer of TV ads, and recognise that she was a good risk in spite of circumstances a little different from the norm. This is exactly the type of borrower we believe is underserved, so it’s pleasing to see a case like this come to fruition.
“It also demonstrated the value of an experienced master broker, with Pink Pig packaging and positioning the deal with us so well that it enabled us to complete in just two weeks.”
James Rainbird, Managing Director of Pink Pig Loans, added: “It’s a pleasure to be able to complete the first of West One’s second charge mortgages following their launch to the wider market. As a master broker, we are always looking for new, competitively-priced options for our clients to help solve their financing challenges. We were therefore happy to partner with West One to bring their proposition to market, as we saw it filling a valuable gap.
“Placing the first deal also gave us the chance to ‘kick the tyres’ on their service and I’m pleased to say it was very straightforward. For example, their underwriting team showed the flexibility that they’re renowned for in bridging, by accepting a drive-by valuation rather than a full internal valuation, given the property’s low LTV. That not only speeded up the deal, but saved the client money too. This is the kind of superior service we look for in lenders, so that we can bring the best value to our customers.”