West One Loans entered the residential mortgage space in 2022 and is widening its range to Scottish homeowners and first-time buyers.
Speaking to Specialist Lending Solutions last year, Marie Grundy (pictured), managing director of residential mortgages and second charges at West One, said that the launch into the residential market was a “natural next step as we build on our already comprehensive product range” and its aim was to be the “UK’s largest non-bank specialist property lender”.
MAB’s Scottish adviser firms will have “exclusive access” to the product range for a “limited period”.
The product is designed to “help borrowers who need options outside of mainstream lending”, as it maximises borrowing potential and caters for complex financial circumstances such as inconsistent credit history, county court judgments, defaults and arrears.
Highlights of the range include automated affordability assessments, loan to values (LTVs) up to and over five times income, and the latest SA302 income taken into account for self-employed borrowers.
Danny Belton, head of lending at MAB, said: “We’re thrilled to have been chosen as the exclusive partner of West One to launch their innovative range of residential mortgage products.
“This partnership allows us to help more customers in Scotland to achieve their homeownership goals, ensuring those whose financial circumstances may not necessarily fit the high street are accommodated for.”
Belton joined MAB last year as its lending head, taking over from Brian Murphy, who retired after 20 years with the firm.
Grundy added: “We’re really excited to be working with MAB to launch our range of residential mortgage products in Scotland. MAB firms have a strong and established presence in the Scottish mortgage market, making them the perfect partner to offer our comprehensive product range to borrowers with more complex borrowing requirements.”
In its latest results, MAB said that it expected to report adjusted profit before tax to be better than expected due to improved trading in the last quarter of the year, and its revenue had risen to around £239m.
