West One is a provider of specialist mortgages and property finance. They help homeowners, landlords and property investors with their financial goals.
Established by intermediaries, borrowers and property professionals since 2005.
Second Charge Mortgages
West One offers a comprehensive range of products including both residential and buy-to-let second charge mortgages.
Their Second Charge Mortgages are available through mortgage intermediaries only.
West One’s aim is to provide second charge mortgage options to a wide range of borrowers including those who may have not have the perfect credit score like some other borrowers.
Their range of second charge mortgages, secured on the customer’s main home, are designed to provide homeowners with more options when it comes to borrowing.
West One offer loan sizes up to £500,000 and accept a lot of different loan purposes such as debt consolidation, home improvements and property purchases.
They have LTV’s available up to 85% and loan term periods available from three to 30 years.
More information regarding their rates and examples can be found in their West One Loans Second Charge Mortgage Range Product Guide.
The criteria for this loan is:
- Minimum Income of £15,000 derived from main employment, self-employment or private pension income
- Self-employed applicants with a minimum two year year trading history
- Employed applicants with a minimum of three months employment and not in a probationary period
- Retired applicants with a minimum income of £15,000 derived from private pension income
- Automated expenditure assessment without LTI restrictions
- Child-related benefits accepted for children up to the age of 12 (other benefits by referral)
- State Pension accepted
The acceptable credit history for this loan is:
- Minimum 12 months mortgage history – one missed payment in the last 12 months on loans secured on the property (providing none in the last three months)
- Up to one unsatisfied CCJ’s and one unsatisfied default over £500 in the last 12 months up to a maximum value of £1250 per CCJ and /or default
- Unsecured arrears in the last 12 months permitted
- Current DMP or IVA plans which have been conducted satisfactorily and are being repaid from the loan proceeds can be considered providing this is accompanied by a satisfactory explanation
- Recently discharged IVA/DMP plans which were conducted satisfactory can be considered providing this is accompanied by a satisfactory explanation
- Payday loans accepted accompanied by a satisfactory explanation providing no payday loan activity in the last three months
Other Finance Options
West One offers their customers a range of loans to best suit their financial needs.
West One have a big portfolio of bridging loans. Their experienced underwriting team works quickly with lots of flexibility to help their clients.
These loans are available as first or second charge and have no early repayment charges.
They typically lend from between £30k to £2.5m for a bridging loan, however, they also have experience in lending multi-million-pound sums on referral.
As a short-term finance solution, a regulated bridging loan is generally taken out for up to one year. However, it is not uncommon for some unregulated bridging loans to last for up to two years.
These loans are ideal for residential purchases, renovations or refinances of residential properties that are either used as the main home or for investment purposes.
Their development finance range is designed for experienced property developers looking to finance residential-led schemes. Commercial aspect must be less than 40% of value.
The minimum loan size for this range is £1 million and the maximum loan size is £15 million, with an initial loan-to-value of up to 70%.
This range is lending across England and Wales with funding for 100% of build costs.
The criteria for this loan is:
- Residential led schemes (commercial aspect must be less than 40% of value)
- Funding up to 65% LTGDV and 85% LTC
- Minimum loan size £1m
- Maximum loan size £15m
- Initial loan-to-value up to 70%
- Funding 100% of build costs
- Lending across England & Wales
- Experienced developers – minimum of two successful projects prior
- Developer’s equity contribution provided at the start of the facility
Buy to Let Mortgages
West One provides support for amateur and professional landlords by lending on a wide variety of property types. Their team is committed to delivering cases with speed and flexibility.
West One offers a wide of products and customers can choose between their Standard and Specialist Product ranges which are exclusively available.
Their Standard range is available to individuals in the UK who want to finance their property transactions in personal names or through a Limited Company SPV. It is designed for houses, leasehold flats and maisonettes and includes new build properties.
The Specialist range is available for landlords who want to finance property transactions in personal names or through a Limited Company SPV. This range deals with more complex transactions, such as HMO/MUFB’s, Holiday Lets, including from Ex-Pat Applicants.
You can place your case to their buy-to-let team in one of three ways:
- Via one of their master broker partners
- Via one of their approved mortgage clubs
- Via one of their approved mortgage networks
West One Reviews and Ratings
West One have mostly positive reviews across sites such as Trustpilot and Feefo, though the number of reviews they have across these sites is very limited and lowers their representative value.
West One doesn’t currently have a Facebook page.
They do have an active Twitter account which currently has 7,089 followers.
Most customers found they have great customer service from West One with straightforward processes that made sure everything was clear and understood from the customer’s perspective.
Some customers have expressed frustration at the lack of communication they received from West One whilst working with them.
Trustpilot – 3.5/5 (Based on 24 reviews)
Feefo – 4.9/5 (Based on 52 reviews)
- Substantial amounts offered for loans
- Range of loans available
- Dedicated to quick timescales
- Not as experienced as other finance companies
- Have very minimal reviews for their services
If you’re looking to compare offers on secured homeowner loans, then let HouseholdQuotes help you find the best loan available for you!
For more information on home improvement loans, read our guide.