West One Loans Secured Loans Review: Pros, Cons & Features
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West One Secured Loans: At a glance
West One offers secured loans in the form of residential second charge mortgage loans. These are available for up to 85% loan to value (LTV) and to an overall maximum of £1,000,000. Fixed-rate, variable rate and interest-only loans are all available, and can be used for a variety of purposes including to purchase property, consolidate debt, and carry out home improvements.
Second charge mortgages require you to use the equity in your home as security for the loan. For this reason, they are also sometimes referred to as homeowner loans. Importantly, using your home as security in this way involves the risk your property could be repossessed by the lender if you fail to make your loan repayments.
Partner SpotlightGet a quote without affecting your credit score.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it.
Information for tenants
You must be a homeowner to apply for a Secured Loan via Norton
If you’re not a homeowner and would still like to search for a personal loan, then you can try searching for an unsecured loan via our loans eligibility service with Monevo.
West One Secured Loan
3 to 40 years
£10,000 to £1,000,000
85%
Fixed and Variable
- Must be at least 21 years old, with the loan term ending by age 85
- For self-employed applicants a minimum trading history of 1 year is required
- For employed applicants a minimum of 3 months employment and not in a probationary period acceptable
- Retired applicants must be able to meet the minimum income threshold from private pension sources
- Minimum property value of £80,000
This provider is available via our partner, Norton Finance.
Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
Important information: Neither our review nor star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Always check and compare a lender’s rates against others on the market when considering a secured loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.
West One Secured Loans pros & cons
Pros
- Fixed and variable rate options are available.
- You can select from a wide range of loan terms.
- It offers large loan amounts.
- Eligibility criteria are clearly stated on its website.
Cons
- Higher LTVs are offered by some other secured loan lenders.
- West One does not offer a loan calculator on its website.
The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the secured loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of secured loans that people feel are most important. They are not the only product features and restrictions that you should consider. You should align them to your personal circumstances. Information was correct at the time of publication but may have changed since.
West One Secured Loans overview
Launched in 2005, West One offers a range of specialist lending products, including bridging loans, buy-to-let mortgages, and residential mortgages aimed at borrowers who cannot necessarily find what they are looking for from traditional high street lenders.
West One secured loans are available for between £10,000 and £1,000,000, up to a maximum of 85% LTV. The repayment period over which a loan can be repaid ranges from between three and 40 years.
| Loan amounts | £10,000 to £1,000,000 |
| Term length | Three to 40 years |
| Maximum loan to value (LTV) | 85% LTV |
| Customer support | Phone, email |
| Trustpilot rating* | 3.5 stars (26 September 2024) |
* Rating relates to the West One Loans brand and not solely its secured loan products.
Where West One Loans stands out
It offers high loan amounts
The maximum loan amount of £1 million that is available through a West One secured loan is far larger than some secured loan providers allow.
There is a wide range of repayment terms
West One offers repayment periods of up to 40 years, whereas some lenders have a maximum of 25 years. This gives borrowers the option to choose a longer term and keep their monthly payments low, though it should be noted that the longer the repayment term the more you’re likely to pay in interest overall.
Eligibility criteria are clearly stated
The West One website makes clear the eligibility criteria that apply across its product range. There is a detailed explanation of the income requirements for employed, self-employed and retired borrowers, along with the credit history that is acceptable for each of its products.
Where West One Loans falls short
Higher LTVs are available elsewhere
The maximum LTV for a West One secured loan is 85%. If you wish to access a greater amount of the equity that you have in your property, we’ve reviewed other lenders that allow up to 95% LTV.
You can’t apply direct
West One only accepts applications for its secured loans via mortgage intermediaries, so there will be fees to consider.
No loan calculator on West One’s website
While some lenders have calculators on their websites allowing borrowers to get an idea of the interest rates and repayments they may be offered, West One doesn’t have an online calculator.
» MORE: Compare best secured loans
What type of loans does West One Loans offer?
Secured loans
West One offers secured loans in the form of second charge mortgages, which allow you to borrow funds using the equity in your main residential home as security for the loan.
Because you’re putting forward collateral for the loan, you may find it possible to borrow larger amounts, and potentially at lower interest rates, than you could through a personal loan which is unsecured, and therefore doesn’t require your home to be put up as security.
However, the main point to be aware of with a second charge mortgage is that your lender can repossess your property if you don’t keep up with loan repayments.
» MORE: What is a secured loan?
Secured loans for bad credit
West One offers a range of products including loans aimed specifically at borrowers with a less-than-perfect credit history who may have encountered credit difficulties in the past. It’s worth noting that interest rates on the loans it offers to such borrowers are higher than if you have good credit, and that maximum loan sizes and LTVs are lower. The credit history West One considers acceptable for each type of loan is detailed on its website.
If you have bad credit, it may prove easier to get a secured loan than an unsecured loan. This is because your property is used as security against the loan, which means the lender could look to repossess your home if you fail to keep up with the repayments. That said, it’s best to avoid applying for a loan it seems unlikely you will get because being rejected for a loan can negatively affect your credit score.
» MORE: Secured loans for bad credit
What can I use a West One secured loan for?
West One secured loans can be used for a number of reasons including:
- debt consolidation
- home improvements
- to pay for school fees
- to buy a holiday home or investment property
- to help others buy their first home
- to cover the cost of a wedding
» MORE: Secured vs unsecured debt consolidation
Why do people take out secured loans?
You may consider taking out a secured loan if you need to borrow a larger amount than is normally available through an unsecured personal loan. Some people also find it easier to get a secured loan than an unsecured loan, perhaps because being self-employed, or having bad credit, is making it difficult to qualify for an unsecured loan.
» MORE: How are secured and unsecured loans different?
Take a look at some of the other secured loan lenders we review.
West One secured loan eligibility criteria
To be eligible for a West One secured loan you’ll need to be a homeowner in England, Scotland or Wales and willing to put your main residence forward as security for the loan. The minimum acceptable property value is £80,000.
Having a good credit score means you may qualify for loans with the lowest interest rates, but there are also product options available if your credit history is less than perfect.
This means you may be able to get a loan through West One if you have a County Court Judgment (CCJ) or are part of an IVA or debt management plan.
» MORE: Should you take out a loan against your house?
West One secured loan features
Rates
West One offers fixed-rate and variable rate loan options.
Choosing a variable rate means your interest rate, and therefore your monthly repayments, have the potential to rise and fall, usually following movements in the Bank of England base rate. By contrast, taking a fixed rate provides certainty over your monthly repayments for the length of the period you’ve fixed. Once your fixed term ends, you’ll automatically switch over to a variable rate.
» MORE: How are fixed and variable mortgages different?
Loan-to-value ratios
West One secured loans are available up to 85% LTV. If you need to access a larger amount of equity, there are other lenders which offer higher LTVs.
Making overpayments
West One allows overpayments of up to 10% per annum on its fixed-rate products before a charge will be made. Overpaying on a loan usually means you can either reduce your monthly repayments going forward or perhaps shorten the term of your loan. It’s always important to check the terms and conditions of your arrangement before paying extra as there may be a cap on overpayment amounts.
Paying off a loan early
Borrowers are allowed to pay off their West One secured loan early, but there may be a charge for doing so. If you have a fixed-rate loan, the charge decreases the nearer you get to the end of the fixed-rate term. However, if you have a variable rate loan, you’re able to pay off your loan early without any charge.
Customer support
West One customer support is accessible over the phone or via email. A number of frequently asked questions (FAQs) are answered on its website too.
Customer ratings
There are over 60 reviews of West One Loans on Trustpilot, where the lender receives an average rating of 3.5 stars out of five. On Feefo, West One receives a rating of 4.7 out of five, from 27 customer ratings over the past year.
This information was correct as of 26 September 2024.
How can I apply to West One Loans?
Applications for a secured loan from West One are only permitted through brokers and intermediaries that it partners with – you can’t apply directly yourself. The advantage of this is that you’ll benefit from the broker’s guidance and expertise throughout the application process.
What information do I need?
When applying for a secured loan you’ll generally need to share:
- proof of your identity and address (your driving licence or passport and/or a utility bill or bank statement will usually suffice)
- recent payslips or a P60 if you’re employed
- self-assessment forms or SA302s if you’re self-employed
- bank statements showing your income and expenditure
- proof of income from state or personal pensions or benefits
- details of your existing mortgage, including latest annual statement
- information relating to any debt you may have
- details of any CCJs, IVAs or debt management plans you may be subject to
How long does it take to apply?
West One doesn’t indicate how long it takes to arrange a secured loan and receive the loan funds. However, taking the time to ensure any information or documents you’re asked to provide are accurate is usually key to avoiding any delays.
West One Loans FAQs
Depending on your query, the West One Loan customer service team can be contacted by phone or email.
West One Loans is part of Enra Specialist Finance, a property finance and specialist lending group which operates across Europe.
West One Loans is regulated and authorised by the Financial Conduct Authority, the financial services regulator in the UK. However, it is not regulated for loans for some types of buy-to-let properties or for business activities.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.
Late repayments can cause you serious money problems.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
Review methodology
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.
You can view our full review methodology here.
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