West One launches 5-year fixed rate buy-to-let products with 3-year ERCs

West One Loans has unveiled a new line of 5-year fixed rate buy-to-let products with 3-year early repayment charges (ERCs) as part of a significant overhaul of its range.

The limited edition products offer landlords payment stability for five years, as well as the flexibility to exit penalty-free two years earlier than with a standard fixed rate. 

The new range starts at 4.99% for standard properties and 5.19% for specialist properties, such as large HMOs (houses in multiple occupation) or MUBs (multi-unit blocks). The maximum loan size is £1.5m, and rental coverage is assessed against product pay rate.

West One has also launched a series of market-lending lifetime trackers, with rates starting from BBR+1.65% for standard properties and BBR+1.85% for specialist properties.

The lender is reintroducing its core range of green products for both standard and specialist landlords, priced 0.10% lower than equivalent non-green products. 

Andrew Ferguson, Managing Director of Buy-to-Let, West One, said: "The advantage as a borrower of locking into a longer-term deal is that you have peace of mind that your payments will not increase. 

"In return for that sense of security, you normally have to accept that you can't exit that deal before the end of your fixed term without paying a penalty.

"What we're offering landlords is the best of both worlds, payment stability plus the flexibility to exit penalty-free two years earlier if they choose to.

"This new range of products is all about giving landlords more choice, more room for manoeuvre at a time when it's really needed."

Published in The Intermediary | March 2023

Get in touch

Complete the form below and we'll get back to you as soon as we can.