West One Shake Up Second Charge Market
West One Shakes Up Market
West One has long been a key player in the bridging market and one which is popular with brokers and clients alike so its decision to enter the second charge sector earlier this year was widely welcomed. It has the scale to be a serious contender and is undoubtedly led by an experienced team.
Interestingly then, when the lender made its move into the market some experienced second charge brokers may well have been surprised at its offering. On first glance at the criteria it was difficult to see where it stood out. The second’s market is a competitive arena at present. Rates have fallen considerably over the last few years so lenders are now having to compete in other areas.
However, as soon as a broker begins the advice and underwriting process it soon becomes clear that the lender does have a USP. Indeed, there are many little areas and niches in which it comes out on top. Having already completed several deals with West One we are finding it is very often the most suitable option.
A lot of credit must go to the West One team and the woman at the helm of the department, for not simply competing on rate but for finding gaps in the market which other lenders were not satisfying. Marie Grundy, a familiar face in the second’s market following her time at V Loans, knows how brokers think. I always tell my staff to be solution orientated ; thinking ‘what are the scenarios which would make this case work’ as opposed to ‘this is why this case can’t work’ and it seems to me Grundy works along the same lines. She and her team have created a solution orientated offering at West One and this is a huge positive for the market which will lead to additional lending and serve more customers, rather than focussing mainly on rates.
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More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
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