West One Loans launches into shared ownership and Right to Buy sectors

The Right to Buy product rates from West One Loans start from 6.85% and are available to borrowers for purchase purposes with loan sizes between £25,000 and £500,000. 

The lender will accept up to 100% of the discounted purchase price up to a maximum of 75% loan to value (LTV). It will also accept ex-council flats up to four storeys with a minimum value of £200,000. 

Dual legal representation will be available for buyers. 

The shared ownership range is available for purchase and remortgage, with rates beginning from 6.45%. It is also available for government-approved schemes. 

Products are available up to 100% of the shares being purchased, up to a maximum of 75% of the open market value. 

Loans terms of up to 40 years are available up to the borrower’s 85th birthday. The five times income multiple applies. 

West One Loans has also increased the maximum LTV on its Prime Plus Core range to 80% and will lend beyond 80% for first-time buyers without a 12-month rental history. 

A ‘natural next step’

Marie Grundy (pictured), managing director of residential mortgage and second charge at West One Loans, said: “We are always looking at ways we can help first-time buyers get onto the housing ladder, so we are glad to introduce new sets of products to help borrowers achieve homeownership through more affordable housing solutions.

“These new products will appeal to those who are finding it difficult to raise a deposit, either because of regional variances in house prices or where homeownership simply feels out of reach.” 

She added: “These major enhancements to our residential product range will provide brokers with additional options for clients who fall outside of mainstream lending, and we believe this move into Right to Buy and shared ownership, which includes a more individual approach to underwriting, is a valuable addition to our product offering. 

“This move was a natural next step for us as we look to build a range that is as comprehensive as anything in the specialist residential market. This takes us closer to that goal.” 

Earlier this month, West One Loans introduced a range for landlords with recent impaired credit.