West One Loans Enhances BTL Products

22 June 2021 | Finance

The buy-to-let division of West One Loans is continuing to grow at pace with yet more new products to meet increased demand in the market.

The raft of new product changes, effective from today includes two new five-year fixed rate products as well as reduced pricing across its standard and specialist product ranges.

Featuring among the highlights is a new 75 per cent LTV limited edition, five-year fixed payrate, £750k maximum loan size product, which is being added to the Standard W1 range. This is priced at 3.14 per cent with a 2 per cent fee but will not be available for new builds. There is a minimum loan size of £150k and it will be restricted to three loans per applicant.

There is also a new limited edition product for small HMO/MUFB properties, again with a five-year fixed rate, £750k maximum loan size. This product is now part of the Specialist W1 range and priced at 3.59 per cent with a 2 per cent fee.

Product changes are being made to the Standard W1 range which is being re-priced with reductions of between 10 basis points and 30 basis points across the range. And there is also reduced pricing on W1 Specialist HMO/MUFB range by up to 10 basis points. Rates start from 3.49 per cent with a 1.5 per cent fee. Short Term Let, Ex-Pat and W2 light adverse products remain unchanged and available for selection.

Andrew Ferguson, managing director of West One buy-to-let, said the changes offered increased choice to brokers and their clients, while at the same time broadening West One’s proposition.

He said: “There is a healthy level of demand in the buy-to-let market at present and our offering is being really well received by brokers. Our enhanced range, aligned with our strong service ethos, should ensure we continue to grow our business and become a go-to provider for brokers with landlord clients who need specialists in this field.

“We are still maintaining strong service levels during a busy period and expect our refreshed range to grab real attention during the next few weeks as we enter summer.”

In addition to the changes, some other products are being withdrawn or replaced and are no longer available for new submissions. These include the current limited edition product range (3.34 per cent, five-year fixed), the current Standard and Specialist range products and the PMS/Sesame Small HMO Exclusive product (£3.64 per cent with 1.75 per cent fee).

This post has originally been featured in Property Wire.