West One Loans unveils BTL product and criteria changes

West One Loans’ buy-to-let (BTL) division has unveiled a host of product and criteria changes, including a product launch and reduced prices on selected ranges.

The range is available on West One’s broker portal from today, with a new 75% loan-to-value (LTV) limited edition being among the highlights.

The 5-year fixed, payrate rental calculation product with a £750,000 maximum loan size, is being added to West One’s Standard W1 range and is priced at 3.34%, with a 2% fee.

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The existing 80% LTV products on the W1 Standard Range have an increased maximum loans size of £750,00, up from £250,000, 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 house in multiple occupation (HMO) and multi-unit block (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 expat market earlier in the year, the maximum loan size has increased to £750,000, up from £500,000, on these products.

However, the current limited edition product range, 3.44%, 5-year fixed, is withdrawn to new business from today.

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.

As well as this, 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.”