Members of Finova will be able to access the lender’s residential proposition, which covers purchase, remortage and unencumbered properties.
Finova will be able to leverage West One Loans suite of products which has deals aimed at employed, self-employed, contractor and retired applicants. It also caters for those that may not meet the “traditional credit scoring requirements” of high street lenders.
The lender offers a standard maximum loan to income (LTI) ratio of up to five times and its Prime Plus Flex and Prime Flex can secure above this amount subject to eligibility requirements.
Loans are available between £25,000 and £1m over five to 40-year periods. Up to 85 per cent loan to value (LTV) can be accessed.
There is also a fast-track remortgage service through the lender with in-house solicitors with loan sizes up to £750,000.
Melanie Spencer (pictured), head of Finova Payment and Mortgage Services, said: “There is no doubt that there is a growing need for specialist finance to support borrowers through the current economic turbulence, so we are proud to be working with West One Loans to ensure our brokers have access to a wide-range of products for all their clients, including those who may not fit traditional lending criteria.
“We have been offering West One Loans’ buy-to-let products to Finova Payment and Mortgage firms for some time now, so we’re delighted to be continuing this partnership to support even more borrowers through access to their residential mortgage products.”
Paul Huxter head of clubs and networks at West One Loans, added: “We are excited to be partnering once again with Finova and their members, who will now be able to access our recently launched range of residential mortgage products.
“Our products are designed to provide specialist mortgage solutions for borrowers who may find it difficult to qualify for a high street mortgage and whose needs would best be served by a more individual approach to underwriting.”
He continued: We are confident that our residential mortgage proposition will provide Finova members and their clients with an increased number of options to meet more complex borrowing needs.”
