What loans does West One offer?
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West One offers a range of loans for people looking for some form of property finance.
Second charge mortgages
Second charge mortgages, also known as secured loans, allow you to borrow money based on the equity you hold in your property. Taking out a second charge mortgage won’t affect your current mortgage deal.
West One has offered second charge mortgages since January 2017 for residential and buy-to-let properties. It says that it will consider borrowers who may have more complicated situations, such as those with a poorer credit history, those who are self-employed or retired, as well as people who are employed.
There are several residential second charge mortgage deals available from West One. They are designed to suit people with different credit histories and circumstances, each of them offering different loan amounts and interest rates to borrowers.
Similarly, there are a number of different second charge mortgage products for buy-to-let properties that cater to different kinds of applicants.
» COMPARE: [Second charge mortgages}(https://www.nerdwallet.com/uk/secured-loans/second-charge-mortgages/)
Development finance
Development finance is designed to help property developers fund their projects, whether that’s refurbishing a property or buying land to start building work on.
West One development finance is only available for projects that are primarily residential. To qualify for this type of finance, you would also need to be an experienced property developer.
The amount you can borrow will depend on your circumstances and the development project you want to fund.
Bridging loans
West One has been providing bridging finance since 2007 and offers bridging loans for both residential and commercial properties.
Bridging loans are designed to help people access a larger sum of money to buy properties at auction or to refurbish a property, for example. They are typically repaid within 12 months and the loans are secured against land or property.
West One offers both regulated and unregulated bridging loans. Regulated bridging loans are secured against a property that the borrower will live in, while unregulated loans are suitable for investment and commercial properties.
Buy-to-let mortgages
West One began offering buy-to-let mortgages to individuals and limited companies in 2019.
These mortgages can be taken out on houses and flats, including new builds, as well as properties with more specialist requirements, such as holiday lets and houses of multiple occupation (HMO).
West One says it accepts applications from those taking out a buy-to-let mortgage on their first investment property, as well as experienced investors with a large property portfolio.
» COMPARE: [Buy-to-let mortgages}(https://www.nerdwallet.com/uk/mortgages/buy-to-let/)
