Second Charge Update
Following the introduction of localised covid alert levels we wanted to take the opportunity to reassure our intermediary partners that our current lending policy remains unchanged.
For self employed applicants we can consider applications from all industry sectors, so please do continue to refer enquiries into our broker support team so we can take an early look at enquiries for you.
As a reminder for employed applicants, our current lending policy states that we do not currently lend to workers employed in the following sectors :
- Entertainment and Leisure
There may be some other occupations/industries which may be indirectly affected by the latest set of government measures, for example taxi drivers. If you identify a case where the borrower’s income (either employed or self-employed) could be adversely affected by the current restrictions, we recommend you refer the application to our broker support team for an initial review.
Mortgage Payment Holiday Declaration – Change in Process
Borrowers who have not been party to a payment holiday
With immediate effect we will no longer require borrowers who have not been party to a mortgage payment holiday to sign our mortgage payment holiday declaration. Instead we will require an email from our borrowers to confirm :
- They are not currently in a payment holiday
- They have not previously been party to a payment holiday.
Borrowers who have exited a payment holiday
For borrowers who have come out of a mortgage payment holiday we will continue to request a copy of the letter issued by their mortgage company to confirm:
- Date the payment holiday started
- Date the payment holiday ended
- Confirmation of new mortgage payment
- Evidence of 1 months full post payment holiday declaration via a bank statement
Please note we cannot lend to borrowers who are party to a current mortgage payment holiday.
Future Growth Plans
Despite the ongoing uncertainty I wanted to take the opportunity to reiterate our commitment to supporting our key broker partners as we have done throughout the pandemic. Our recent announcement confirming that we have priced our first securitisation, will enable us to extend our product reach with further plans already underway to make our second charge proposition even more compelling.
Our current service levels remain highly responsive providing updates within 24 hours as well as regularly issuing same day updates where possible. As a reminder we do offer direct access to our team of underwriters should you wish to discuss any individual cases.
As always we are highly appreciative of your support and please do let myself or the team know if we can assist or support in anyway. Stay safe everyone!
West One Loans
T | 020 8736 2297
E | email@example.com.