For HMOs and MUBs in the W1 Specialist product range, rates now start from 3.34%. The two-year fixed product has been reduced by 15 basis points, now starting from 3.49%.
The Short-term let product, on a five-year fixed term, has been reduced by 0.15%, now starting from 3.94%.
Amongst the new mortgages West One has added is a 75% LTV limited edition at 2.99% in the Standard W1 range, with a five-year fixed payrate. The green products in the Standard W1 range have been reduced by 15 basis points, and a new 75% LTV product added, with rates starting at 2.94%.
The lender has also added two HMO/MUB products, both of which are limited edition. For properties up to six beds or units, there is a £750,000 maximum loan size, at 3.29%. For those with seven to ten beds, there is a maximum loan of £1.5m, at 3.74%.
In addition, West One has made a series of criteria changes. For the Standard W1 range, the maximum loan size for core products has been increased from £1.5 million to £2 million on an individual asset. Portfolio lending has been raised from £5 million to £10 million per borrower. Also, leasehold block exposure has been increased to twenty units, with 100% exposure possible.
Managing director of buy-to-let, Andrew Ferguson, commented: “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.”
Original article featured here…
In November, West One announced changes to its BTL product suite, including lowered rates and criteria changes. In the green product range at 65% LTV, rates now start from 2.99% for a 2-year fix, with a 1.25% product fee.