West One Loans launched its second charge division in early 2018 following a successful pilot and is therefore still considered to be one of the newest entrants to the second charge market. Despite this we have quickly established ourselves as one of leading second charge lenders in the UK synonymous with both innovation and reliability even during the enormous challenges presented by the pandemic.
What has made us stand out is not only as a non bank lender have we supported our brokers through a challenging time, but we have continually and consistently reviewed and have been the most proactive lender in the market, regularly refreshing products, criteria, and processes more than any other lender during this time to ensure we continue to deliver a compelling second charge proposition.
From the very start of 2021 we have made our commitment to the seconds market very clear with the introduction of our biggest set of changes targeting product, criteria and process designed to significantly reduce processing times. Our process improvements have been significant driven by the desire to provide best in class service to our loyal broker partners and customers. This was quickly followed with the return to 85% LTV lending in March supported by one of our most successful marketing campaigns to date which created a high level of engagement with our broker partners who really got into the spirit of our “Back to the 80’s theme”. Only last month we announced the introduction of a series of pricing reductions including the lowest published variable rate product in the market.
In October 2021 we celebrated a record lending month which comes from a well-diversified distribution channel without over reliance on any single broker partner which is unique position amongst the Top 3 lenders. We also recognised the extreme challenges faced by our distribution partners and during 2020 we sponsored marketing campaigns via solus email campaigns for a number of brokers to enable them to reach out to a wider intermediary base as well as running social media campaigns to promote our broker firms.
We have delivered innovative products for example the launch of our” bank of mum and dad product” facilitating family assisted purchases via a second charge following the restricted supply of higher LTV first charge products
Our accelerated growth trajectory enabled us to complete our first securitisation in late 2020 despite the extremely challenging trading conditions.
Successful Business Performance
- Record lending month in October 2021 consolidating our position as a Top 3 Second Charge Lender
- On track to complete record lending volumes in Q4 2021 with completions in excess of £35m
- Market share has increased from 8% at the start of 2021 to over 12% based on latest FLA data for August
- Last 6 months of origination was £33.3m higher than the previous 6 months representing a 135% increase
- Pipeline at record levels well in excess of pre-pandemic levels even taking into consideration peak lending figures in 2019.
- Loan book growth of 23% in the last 12 months with AUM outstripping that of more established lenders