West One Secured Loans

Find out more about West One secured loans.

West_One_Secured_Loans_Limited brand logo
Get a quote

Provided by

Norton logo

Get a secured loan quote by Norton Finance

Please select your residential status
Please tell us how much you want to borrow
Please tell us how long you want to repay it
Please tell us what the loan is for

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. Show representative example

Compare top UK loan providers, including:

Award winning comparisons you can trust

It's always nice to know you're on the right track. We have been pleased to receive recognition for our efforts from industry and consumer bodies.

NerdWallet - Our awards

What our Nerds say about West One secured loans

We've teamed up with Norton Finance to help you in your secured loans search.

Homeowner secured loans usually have to be applied for through a broker using your property as security.

Compare West One against other secured lenders using our comparison tool.

Who is West One Loans?

West One is a specialist lender that was established in 2005. It is part of the Enra group, which is a property finance and specialist lending company that owns a number of different brands, including West One.

Originally specialising in bridging finance, West One has since diversified and now offers a variety of lending products for residential properties and buy to lets.

West One operates through several different trade names, including West One Loan, West One Secured Loans, Aura Finance and West One Development Finance.

West One is authorised and regulated by the [Financial Conduct Authority FCA.

What loans does West One offer?

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/)

What can I use a loan from West One for?

Debt consolidation

If you have several existing debts on loans or credit cards, for example, you may consider consolidating them into one loan.

Debt consolidation works by taking out a new loan and using it to pay off your existing debts. This means you only have one loan to focus on paying. Ideally, the loan you use to consolidate your debts would have a lower interest rate than your existing debts to save you money on interest charges.

However, you would have to factor in the cost of any early repayment fees you may have to pay to clear your existing debts.

You should also consider how much you would repay in total by consolidating your debt as, if you repay it over a longer period, the loan could end up costing you more than before.

While it’s possible to use a secured loan from West One to consolidate debts, it’s important to bear in mind that secured loans are riskier for the borrower than unsecured loans. This is because the lender is entitled to repossess the property you use as security on a secured loan if you fall behind on repayments.

As a result, you may want to be cautious about consolidating any unsecured debt with a secured loan.

» MORE: How does debt consolidation work?

Home improvements

Home improvements can be costly, so it could be useful to take out a loan to help pay for your project.

If you are planning to do extensive work on a property, an unsecured loan may not be enough to pay for all you need, in which case you could consider a secured loan as this will often allow you to borrow a larger amount.

However, you need to remember that if you miss repayments on a secured loan, the lender could repossess your property.

Buying property

In some cases, you may be able to take out a second charge mortgage from West One to help you buy a new investment property, such as a buy to let.

How can I apply for a West One loan?

West One’s secured loans are only available through brokers and intermediaries. You can’t take out a secured loan directly from West One.

Before applying for a loan, you should always check the eligibility criteria to make sure you meet the necessary requirements.

If you apply for a West One secured loan, the provider will assess your application and look at information, such as your credit history, your finances, what you plan to use the loan for, and the property the loan would be secured against.

It will use the information you provide to decide whether to offer you a loan. If successful, you will then be able to see the terms of the loan, including the interest rate, how much you can borrow and how long you have to repay it.

» COMPARE: Secured loans

West One Loan FAQs

Who owns West One Loans?

West One Loans is part of Enra Specialist Finance, which owns a range of lending and broking brands. Enra was founded back in 2002 as Enterprise Finance and it acquired West One in 2014.

How much can I borrow with a secured loan from West One?

The amount you can borrow from West One will depend on factors, such as your financial situation, credit history, and the value of the property you put forward as security.

West One will set a maximum loan-to-value ratio (LTV), which is the maximum percentage of the value of the property that you can borrow. For example, if the maximum LTV is 75%, the maximum you can borrow is 75% of your property’s value.

What happens if I miss payments on a West One secured loan?

If you fall behind on payments on a secured loan from West One, or any other lender, there is a risk that you could lose your property. Lenders are entitled to repossess the property you put forward as security if you can’t afford to repay the loan, but this would often be a last resort.

If you’re struggling to make payments, contact the lender as soon as possible to see if you can work out a solution.

Any missed payments would also be recorded on your credit history and could affect your credit score.

About the author

Rhiannon Philps
Rhiannon is a financial writer for NerdWallet, with a particular interest in personal finance and insurance guides for consumers. Read more
Get a quote

Powered by

Norton logo

Featured brands

Norton Finance Logo

This secured loans comparison and quote service is presented via our partnership with Norton Finance. Data provided is submitted directly to Norton Finance. Nerdwallet Ltd does not form part of the service beyond this introduction.

Norton Finance. Registered at Norton House, Mansfield Road, Rotherham, South Yorkshire, S60 2DR. Registered in England & Wales No 5995692. Authorised and regulated by the Financial Conduct Authority no. 589554.