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West One Reduces Rates, Improves BTL Criteria

mortgage adviser with clients

West One Loans buy-to-let division has made a raft of positive changes to its product criteria, reducing rates and launching new products. The shake-up of products comes into effect from today [24th January], and some of the key highlights include an increase in maximum loan size and portfolio lending, and 15-basis point reduction on certain products.

Rates have been reduced on selected W1 Specialist products for HMOs and MUBs, with prices now starting from 3.34%. The largest reduction was a 15-basis point decrease for a two-year fixed product, now 3.49% (previously 3.64%).

West One’s Short-term let product also had significant reduction in rate, with a 15-basis point decrease. Short-term lets now start from 3.94% (previously 4.09%) for a five-year fixed term.

Alongside rate reductions, West One is also launching a range of new products for landlords. Highlights include a new 75% LTV limited edition, five-year fixed payrate product in the Standard W1 range, priced at 2.99%.

Two new limited-edition HMO/MUB products have also been added to West One’s range, the first has a £750,000 maximum loan size and is priced at 3.29% for properties up to six beds/units. The second is a Large HMO/MUB product for properties with seven to ten beds and the maximum loan of £1.5m, priced at 3.74%.

West One has also launched a new 75% LTV Green products, as part of the Standard W1 range with rates starting from 2.94%. The lender has also reduced prices across the current Green products by 15-basis points.

Not content with launching products and reducing rates, West One has also made significant changes to criteria. Chief amongst these is: increasing the maximum loan size on Core Standard W1 products to £2 million (previously £1.5 million) on an individual asset, increasing portfolio lending to £10 million per borrower (previously £5 million) and leasehold block exposure increased to twenty units (previously four units or 25% of the block for exposure), with 100% exposure possible.