West One Loans’ buy-to-let division has unveiled a raft of product and criteria changes today [May 17], including a new product launch and reduced prices on selected ranges.
The range is available on West One’s broker portal from today with a new 75% LTV limited edition being among the highlights. The five-year fixed, pay rate rental calculation product with a £750k maximum loan size, is being added to West One’s Standard W1 range and is priced at 3.34%, with a 2% fee.
The existing 80% LTV Products on the W1 Standard Range have an increased maximum loans size of £750k (increased from £250k), and are now available to both purchase and re-mortgage cases. The product fee can be added to the loan with rates starting from 4.04% and a 1.5% fee.
West One is also introducing reduced pricing on selected W1 range specialist products for HMO/MUB properties, by up to 10 basis points. Rates for these products start from 3.54% with 1.5% fee. The lender recently increased its HMO size to a maximum of 10 bedrooms, with MUB properties also being available at up to 10 units.
Following West One’s re-entry into the short-term let and ex-pat market earlier in the year, the maximum loan size has increased to £750k (up from £500k ) on these products. However, the current limited edition product range (3.44%, five-year fixed) is withdrawn to new business from today. [May 17]
In addition to the product changes, the buy-to-let division has also set out a number of criteria changes, effective from today.
The loan size maximum has increased on Core Standard and Specialist W1 product ranges to £1.5m on all LTV bandings up to 75% LTV (increased from £1m at 70%/75% LTV), whereas for the W2 product ranges maximum loan sizes remain unchanged.
Finally flats above commercial premises can now be considered at up to 75% LTV, as well as applicants who own unencumbered properties where no mortgage history is available.
Andrew Ferguson, managing director of West One’s buy-to-let division, said: “We’re really pleased to introduce these exciting product and criteria changes today, which will offer more choice to brokers and their clients, while broadening our proposition.
“We regularly discuss criteria with key broker contacts and these changes are as a result of us listening to what brokers want. These changes aligned with our continued focus on service will help us continue our growth journey and engagement with more brokers.
“This year the buy-to-let market has really taken off, due in part to the shifting living patterns we’ve seen as a result of the coronavirus and ensuing lockdowns. At West One we’re able to support the market with a raft of new products to meet those changing demands.”
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