West One launches buy-to-let discount two-year tracker with no ERCs and limited edition fixed rates
West One Loans has launched a new two-year discounted tracker range for landlords with non-standard properties and who want the flexibility to switch deals without penalty.
The range starts at 3.54% and is open to landlords wishing to buy or refinance a house in multiple occupation (HMO), a multi-unit block (MUB) or another specialist property.
The deals come free of early repayment charges, so they would suit landlords who believe interest rates will settle – or even fall – over the medium term but who want the option to break free if they need to.
West One decided to launch the range following the success of a similar ERC-free discounted tracker set for landlords with standard properties.
Separately, the lender has launched two new competitive limited edition five-year fixed rates for its standard and specialist ranges.
The standard Limited-Edition W1 5-year fixed rate product is priced at 4.59%, comes with a 1.5% arrangement fee and is available to landlords with standard properties.
The specialist Limited-Edition W1 5-year fixed rate product is priced at 4.79%, comes with a 2% arrangement fee and is available to landlords with HMOs, MUBs and other specialist properties.
Rental calculation is available at payrate for both of the new five-year fixed rate products.
Andrew Ferguson, managing director of West One’s buy-to-let division, said: “We are constantly reviewing our range and we believe that these new products offer compelling new options to brokers and their clients.
“We have experienced strong demand for our discounted tracker range, in particular, which is why we have decided to launch a set of products aimed at landlords buying specialist properties as well.
“While interest rates look set to continue rising, discounted trackers typically have lower rates than fixed-rate deals, so they will be suitable for landlords who want to keep an eye on costs but who also believe that interest rates will stabilise over the medium term.
“Add into the mix that there are no early repayment charges and we think it could be a very interesting proposition for many borrowers.”