West One Loans expands credit appetite within specialist buy-to-let range

West One Loans has extended its buy-to-let range with enhanced options for landlords who have encounter previous credit issues. 

The specialist lender's new range, called W3, contains two products: a 6.84% five-year fix with a 4.99% fee and a 7.29% five-year fix with a 2.5% fee, both of which are available up to 65% LTV.

The lender will allow applications from borrowers who have had: 

  • 1 default in the past 12 months, 0 in the past 3 months (Max £5k)
  • 1 CCJ in the past 12 months, 0 in the past 3 months (Max £5k)
  • 1 missed mortgage payment in the past 12 months, 0 in the past 3 months
  • No bankruptcies or IVAs in the past 72 months

Any impaired credit older than 12 months, unsecured arrears or missed payments on public utilities and communication suppliers will be ignored, subject to satisfactory explanation. 

The maximum loan size is £500,000, while the rental calculation is based on the product's payrate.

The lender will accept a wide variety of property types, including small HMO/MUBs, as well as properties near or above commercial. 

During the initial product roll-out, brokers are encouraged to speak to their BDM or West One's broker support desk to confirm if any potential cases meet criteria.

Andrew Ferguson, Managing Director of Buy-to-Let at West One Loans, says: "Landlords are not immune from what is happening in the economy and a growing number of them are facing financial challenges. 

"Landlords rely on tenants to pay in full and on time. When they don't, which is an increasing occurrence since the pandemic, landlords are at risk of missing payments and acquiring blemishes on their credit record, even though overall they remain a good credit risk. 

"The W3 option provides a solution to borrowers who can demonstrate that their problems are behind them and are fundamentally a sensible credit risk. We believe with the improving economic environment, the timing of this new launch makes sense commercially.

"This particular market is underserved and we are pleased to be able to support borrowers who have had credit issues with this enhancement to our product range, building on our existing W1 and W2 credit criteria, allowing us to support an even wider range of landlords."

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