Finova Payment and Mortgage Services is expanding its mortgage services through West One Loans’ residential distribution panel, offering enhanced access to a range of mortgage products. Key developments include increased loan flexibility and specialised mortgage offerings.
- Finova members can now access West One Loans’ residential offerings, including various property acquisition and refinancing options.
- A comprehensive suite of products is available to support diverse borrower profiles, such as contractors and those with non-traditional credit histories.
- Flexible loan sizes and terms provide options for a wide range of financial circumstances, with up to 85% Loan to Value ratios accessible.
- Specialist finance options are increasingly valuable amidst economic challenges, aiming to cater to complex and individual financial needs.
Finova Payment and Mortgage Services, a leading UK-based provider in mortgage and savings software solutions, has officially announced the extension of its offerings via an integration with West One Loans’ residential distribution panel. This partnership permits Finova members to access a broader spectrum of residential mortgage products, tailored towards the acquisition, remortgage, and management of unencumbered properties. This move is indicative of the growing trend among lenders to emphasise bespoke solutions to meet various borrower requirements.
Notably, the suite of products available to Finova members under this new arrangement is designed to cater to diverse borrower types, including employed and self-employed individuals, contractors, retirees, and those encountering difficulties with conventional credit scoring metrics usually demanded by high street lenders. West One Loans extends a standard maximum Loan to Income (LTI) ratio of five times the borrower’s income for all its plans. For those who meet the requisite criteria, Prime Plus Flex and Prime Flex products offer even higher LTI thresholds, surpassing the standard maximum where applicable.
In terms of financial flexibility, West One Loans offers considerable latitude with loan sizes ranging from £25,000 to £1,000,000, with the additional advantage of a payment term spanning from five to forty years. Furthermore, Loan to Value ratios of up to 85% are applicable, even for first-time buyers or those seeking funds for legally permissible purposes such as debt consolidation. This indicates a strong commitment to providing customised financial solutions.
A noteworthy feature of this collaboration is the incorporation of a fast track remortgage service, facilitated by on-site solicitors to ensure streamlined processing. This service is specifically targeted at loan sizes up to £750,000, ensuring efficiency and expediency for borrowers who require rapid refinancing solutions.
Commenting on this development, Melanie Spencer, representing Finova, highlighted the increasing need for specialised financial solutions amidst ongoing economic uncertainties. As traditional lending criteria tighten, this partnership strives to arm brokers with a comprehensive range of initiatives to support clients who may otherwise struggle to secure funding through conventional means. Her sentiment echoes the overarching goal to provide accessible solutions to a diverse clientele.
Paul Huxter from West One Loans reiterated the eagerness of the institution to expand its reach within Finova’s network, particularly through their new range of residential mortgage products. The focus remains on equipping clients with customised mortgage options tailored to specific financial scenarios, which may not be adequately serviced through standard underwriting practices currently prevalent in the industry.
The collaboration between Finova and West One Loans exemplifies a strategic alignment aimed at addressing complex borrowing requirements in a challenging economic environment.
