West One lends in England and Wales and splits its buy-to-let product range into two.
Standard products are available for individuals, limited companies and LLPs, while its Specialist range is also available to those wishing to finance HMOs, multi-unit blocks, properties above or next to commercial units, expats, and holiday lets including AirBnB.
The lender also offers a number of product and criteria USPs including (amongst others): no minimum income requirement; no minimum trading period for limited company/SPVs; no rate loading for limited company applications; first-time landlords (including for HMO) considered; products covering a clear credit history and a minor credit impact; and borrowers can have an unlimited portfolio size with no formal stress-testing on the background portfolio.
West One has a dedicated intermediary-focused team and applies an individual, manual approach to underwriting ensuring each case is reviewed on its merits.
Richard Howes, Director of Mortgages at Paradigm Mortgage Services, commented: “It’s undoubtedly the case that the buy-to-let market has become more specialised in nature as the sector has become more professionalised in recent years, with the result that there is a growing need for specialist products here. At the same time, property as an asset class continues to grow in popularity, so intermediaries want and need lenders who fully understand this space, are flexible, can deal with complex cases, and have a swift service offering.
"West One certainly fit the bill here and we are very pleased to be part of its expansion programme amongst advisers which takes in distributors like ourselves. We’re looking forward to working with the West One team and helping develop relationships with our Paradigm member firms who are active in buy-to-let.”
Andrew Ferguson, Managing Director of West One Loans’ buy-to-let division, said: “Joining Paradigm’s panel is a fantastic way to start 2022, as we continue to widen the distribution of West One’s buy-to-let offering.
“This comes at an excellent time for Paradigm’s members as it coincides with our refreshed product range and enhanced criteria, including the improvements to our portfolio lending proposition where we can now lend up to £10 million per borrower.
“West One have a reputation for high service standards and quality individual underwriting which Paradigm’s brokers will benefit from as well as our flexible and pragmatic approach to lending.”
