According to West One, the new range will be available for selection on its broker portal from today and includes a new 80% LTV product, a limited edition five-year fixed product, and a return to the short-term let and ex-pat markets.
Leading the key changes is the 80% LTV product added to the West One Standard Range, with a maximum loan size of £250k. The 80% is only available for purchases, with rates starting from 4.04%.
Also being introduced is a new 75% LTV limited edition product, being added to the West One Standard Range. Maximum loan size is £500k for properties of up £750k. This is priced at just 3.44%.
Meanwhile, prices are coming down by ten basis points for the specialist HMO/MUB range, with rates now starting from 3.54%.
In addition, West One is re-entering the short-term holiday let and ex-pat markets this year, which will initially be distributed on a semi-exclusive basis through some key packager partners.
Finally, the current limited edition product range (65% and 70% LTV) is being removed as part of these changes.
Criteria Change
As well as the new products, West One is also announcing criteria change for its new build loan offering, which will be restricted to a maximum 65% LTV (down from 75% LTV) from today, [Jan 18] due to significant recent demand.
Andrew Ferguson, Managing Director of West One Loans’ buy-to-let division, said: “Today we are pleased to confirm some exciting new products as part of our plans to expand our buy-to-let range in 2021. It may be an uncertain period just now with the lockdown in place, but there is also lots of optimism looking ahead to the rest of the year.
"With the launch of these new products we’re able to offer more choice to the intermediary market and enable them to take full advantage of the opportunities for the specialist sector with a range of products to cater for wide-ranging needs.
"From first-time landlords through to portfolio landlords, whether they need a competitive rate for a standard property or need to fund a more niche transaction in the current market - such as holiday lets - we are here to support.”
