West One amends BTL criteria and launches new products

Rates have been reduced on selected W1 specialist products for houses in multiple occupation (HMOs) and multi-unit blocks (MUBs), with prices now starting from 3.34%.

West One amends BTL criteria and launches new products

West One Loans' buy-to-let (BTL) division has made a raft of changes to its product criteria by reducing rates and launching new products.

 

Rates have been reduced on selected W1 specialist products for houses in multiple occupation (HMOs) and multi-unit blocks (MUBs), with prices now starting from 3.34%.

The largest reduction was a 15-basis point decrease for a 2-year fixed product, now 3.49%, previously 3.64%.

West One’s short-term let product also saw a 15-basis point decrease. Short-term lets now start from 3.94%, previously 4.09%, for a 5-year fixed term.

Alongside rate reductions, West One has launched a range of new products for landlords.

Highlights include a new 75% loan-to-value (LTV) limited edition, 5-year fixed payrate product in the standard W1 range, priced at 2.99%.

Two limited-edition HMO and MUB products have also been added to West One’s range; the first has a £750,000 maximum loan size and is priced at 3.29% for properties up to six beds or units.

The second is a large HMO or MUB product for properties with seven to 10 beds and a maximum loan of £1.5m, priced at 3.74%.

West One has launched a 75% LTV green product, as part of its standard W1 range, with rates starting from 2.94%, and has reduced prices across its current green products by 15-basis points.

The lender has also increased the maximum loan size on core standard W1 products to £2m, previously £1.5m, on an individual asset.

It has also upped portfolio lending to £10m per borrower, previously £5m, and leasehold block exposure has been increased to 20 units, previously four units or 25% of the block for exposure, with 100% exposure possible.

Andrew Ferguson, managing director of the buy-to-let division at West One, said: “These criteria changes will ensure we remain amongst the most flexible buy-to-let lenders on the market.

"This added flexibility means brokers and their clients can continue investing in a buoyant rental sector.

“Those investing in rental properties have been increasingly looking for specialist buy-to-let products, and as we specialise in HMOs and MUBs we are well placed to offer finance to both new, and experienced landlords.

“While we have competitive rates, what separates West One from other lenders is our flexible underwriting and excellent service.

"Despite being larger than many peers we are nimble, can make decisions quickly and have the entrepreneurial approach of a much smaller lender.”

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