West One Loans Enhances Its Buy-To-Let Mortgage.
Now it will be easier to access this type of mortgages.
West One Loans’ buy-to-let division has announced product and criteria changes as it continues to grow in response to strong mortgage market demand. Starting today, a range of new products is being introduced with reduced rates and some rate reductions on select products.
Among the changes is a new 75% LTV Limited Edition product, with a five-year fixed repayment rate, for a maximum loan size of £ 750k (£ 150K minimum) to be added to the Standard W1 range.
This will be priced at 3.19 per cent with a 1.5 per cent fee, restricted to three mortgage per applicant, but not available for new construction.
There is also a new limited edition product for small HMO / MUFB properties, which also has a five-year fixed rate and a maximum loan size of £ 750k, adding to the Specialist W1 range. This will be priced at 3.49 per cent with a 2 per cent fee.
As part of the changes, the Standard W1 product range will be modified with reductions of up to 20 basis points and 50 basis point rate reductions on most of its five-year fixed standard range.
Specialist W1 (HMO / MUB) product rates have also been changed with reductions of up to 15 basis points, with rates starting from 3.44 per cent with a 1.5 per cent rate.
“The mortgage market is constantly evolving.”
Andrew Ferguson, managing director of West One’s buy-to-let division, said: “We are making these changes today in response to a busy buy-to-let market, where we have been able to expand our distribution this year and allow more brokers and customers to benefit from the strength of our proposal.”
“Our continued focus on providing services in line with these rate changes means that we are well-positioned to support our broker partners and their owner clients as we move towards the end of the year.”
There are also changes in the range of vacation and ex-pat rentals, as the price of the short-term product is reduced by 10 basis points to 4.09 per cent on a fixed five-year basis, and 25 basis points reduce the expanded product to 3.84 per cent, also on a fixed five-year basis.
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