West One refreshes buy-to-let offering

Buy-to-let lender West One has refreshed its offering with new landlord products, rate cuts and criteria changes.

New products

New mortgages include a 75% LTV limited edition 5-year fixed in the Standard W1 range, priced at 2.99%.

Two limited-edition HMO/MUB products have been added, including a mortgage with a a £750,000 maximum loan size priced at 3.29% for properties up to six beds/units.

Meanwhile there are large HMO/MUB product for properties with seven to 10 beds with a maximum loan of £1.5m, priced at 3.74%.

West One has also launched a 75% LTV Green product, as part of the Standard W1 range with rates starting from 2.94%.

Rate reductions

As well as launching new products, the lender has cut Green products by 0.15%.

Other rate reductions include a 0.15% cut to its 2-year fix for HMOs and MUFBs, as it now stands at 3.34%.

West One’s short-term let product also seen a rate cut of 0.15% to 3.94% for a 5-year term.

Criteria changes

The lender has also changed its criteria, increasing the maximum loan size on Core Standard W1 products to £2 million (previously £1.5 million) on an individual asset, increasing portfolio lending to £10 million per borrower (previously £5 million) and leasehold block exposure increased to 20 units (previously four units or 25% of the block for exposure), with 100% exposure possible.

Flexibility the key

Andrew Ferguson, managing director of buy-to-let, 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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