West One Loans has launched products for borrowers who want to use Right to Buy and shared ownership schemes to get onto the housing ladder.

Rates on its new Right to Buy range start from 6.85% and products are open for borrowers purchasing with loans between £25,000 and £500,000.

The lender will accept up to 100% of the discounted purchase price up to a maximum overall LTV of 75%.

It will lend against ex-council flats on the fourth storey or below with a minimum value of £200,000.

Dual representation is available for Right to Buy purchasers.

The new shared ownership range available for both purchase and remortgage, with rates from 6.45%.

The lender will cover up to 100% of the share being purchased and up to 75% of the property’s open market value.

To qualify for both West One’s Right to Buy and shared ownership products, borrowers must meet the credit eligibility requirements set out in its Prime Plus Core Range.

As such, it allows borrowers with satisfied CCJs or defaults or unsatisfied CCJs and defaults that are under £500 or more than two years old.

It also accepts borrowers who have missed a payment on unsecured credit with balances over £500.

The products are available on terms of up to 40 years with a maximum age of 85 at the end of the repayment period.

The lender’s standard maximum loan-to-income ratio of five times income applies.

Separately, West One has increased the maximum LTV on its Prime Plus Core range to 80%/

West One managing director of residential and second charge mortgages Marie Grundy, says: “We are always looking at ways we can help first time buyers get onto the housing ladder, so we are glad to introduce new sets of products to help borrowers achieve home ownership through more affordable housing solutions.

“These new products will appeal to those who are finding it difficult to raise a deposit, either because of regional variances in house prices or where home ownership simply feels out of reach.

“These major enhancements to our residential product range will provide brokers with additional options for clients who fall outside of mainstream lending, and we believe this move into Right to Buy and shared ownership, which includes a more individual approach to underwriting, is a valuable addition to our product offering.”