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Do you expect to see less or more second charge mortgage lenders in 2018?

West One provides £100,000 second charge mortgage

Marie Grundy

West One Loans and Pink Pig Loans have combined to provide a £100,000 second charge mortgage to fund home improvements on a £1.5m property for a self-employed client.

The loan was the first case placed by West One through an external master broker on its new second charge mortgage proposition.

West One piloted second charge mortgages earlier this year, but has now extended its distribution through selected master broker partners.

Pink Pig first approached West One after its client was struggling to obtain the £100,000 required to fund home improvements to her property due to her self-employed status.

Within 10 working days, West One agreed the loan after the lender assessed her income and affordability fully. 

“It’s a pleasure to be able to complete the first of West One’s second charge mortgages following its launch to the wider market,” said James Rainbird, managing director of Pink Pig Loans. 

“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 its proposition to market, as we saw it filling a valuable gap.”

Marie Grundy, sales director at West One (pictured above), said this was an important milestone in the development of its long-term lending.

“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.

“It also demonstrated the value of an experienced master broker, with Pink Pig packaging and positioning the deal with us so well that it enabled us to complete in just two weeks.”

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