West One reduces rates and makes wholesale improvements to BTL criteria
West One Loans buy-to-let division has made a raft of positive changes to its product criteria, reducing rates and launching new products. The shake-up of products and some of the key highlights, which came into effect on Monday 24th January, include an increase in maximum loan size and portfolio lending and 15-basis point reduction on certain products.
Rates have been reduced on selected W1 Specialist products for HMOs and MUBs, with prices now starting from 3.34%. The largest reduction was a 15-basis point decrease for a two-year fixed product, now 3.49% (previously 3.64%).
The Short-term let product also had significant reduction in rate, with a 15-basis point decrease. Short-term lets now start from 3.94% (previously 4.09%0 for a five-year fixed term.
Alongside rate reductions, West One is also launching a range of new products for landlords. Highlights include a new 75% LTV limited edition, five-year fixed payrate product in the Standard W1 range, priced at 2.99%.
Two new limited-edition HMO/MUB products have also been added to West One's range, the first has a £750,000 maximum loans size and is priced at 3.29% for properties up to six beds/units. The second is a Large HMO/MUB product for properties with seven to ten beds and the maximum loan of 1.5m, priced at 3.74%.
West One has also launched a new 75% LTV Green products, as part of the Standard W1 range with rates starting from 2.94%. The lender has also reduced prices across the current Green products by 15-basis points.
Not content with launching products and reducing rates, West One has also made significant changes to criteria. Chief amongst these is: 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 twenty units (previously four units or 25% of the block for exposure), with 100% exposure possible.
The raft of changes allows landlords more flexibility, with managing director of the buy-to-let division, Andrew Ferguson explaining:"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."