West One Loans Announces Product Changes for BTL Range
West One Loans’ buy-to-let division has announced a range of product and criteria changes, including reduced rates on its new GREEN product range and new Limited Edition loans.
Taking effect from today [24 November], the key changes include reduced rates on two and five-year fixed rate loans in the GREEN product range. At 65 per cent LTV, rates now start from 2.99 per cent for a two-year fixed (previously 3.04 per cent), and come with a 1.25 per cent product fee.
There are also new limited edition large loan products for standard and HMO properties. These start from 3.07 per cent for a five-year fixed rate with a 1.5 per cent product fee, and are available for loan sizes of £350,000 to £1m on standard property types.
West One has also launched a new Limited Edition large loan for HMOs and MUFBs with up to six bedrooms. This is a five-year fixed rate product at 3.38 per cent with a 1.75 per cent product fee and is available for loan sizes of £350k to £1m.
In addition to the new product and rate changes, West One has also adjusted its criteria. It will now consider new build properties at up to 75 per cent LTV, previously 70 per cent, without prior referral.
Andrew Ferguson, managing director for West One Loans buy-to-let division, said: “These new products and rate changes support our aspiration to become the ‘go-to option’ for brokers in the buy-to-let arena.
“Our continued focus on service delivery and common-sense underwriting, aligned with these product changes, mean we are well placed to support our broker partners and their landlord clients as we move towards the end of the year.
In addition to the product enhancements, West One is launching more sustainable products across its portfolio in the coming months as part of its ‘Funding the Future’ initiative.