The deal was placed by Pink Pig Loans and involved a self-employed client looking to access £100,000 to fund home improvements on her £1.5m home.
Marie Grundy (pictured), sales director at West One Loans called the deal an important milestone and an “acid test”. The lender will now roll out its second charge proposition with selected master brokers.
She said: “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.”
James Rainbird, managing director of Pink Pig Loans, said: “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.”
Earlier this year Grundy told sister title to Specialist Lending Solutions, Mortgage Solutions West One’s second charge portal had been designed “through the eyes of a broker”.
She added: “Our detailed knowledge of the areas of the market which are underserved will be crucial in shaping our range of products and services. Finally, we bring our strong reputation from bridging, for taking time to understand individual borrower’s needs. This means we can cater for those underserved borrowers who require a bespoke approach to lending, like the self-employed, older borrowers and those with less-than-perfect credit histories.”