According to the lender, the changes take effect from today (24th January), including 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 a 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, the firm is also launching a range of new products for landlords. Highlights include a new 75% LTV limited edition, five-year fixed pay rate 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 product, 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.
The lender has also made significant changes to criteria. Including 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.
Andrew Ferguson, managing director of the buy-to-let division, comments: “These criteria changes will ensure we remain amongst the most flexible buy-to-let lenders on the market. This added flexibility means brokers and their clients can continue investing in a buoyant rental sector.
“Those investing in rental properties have been increasingly looking for specialist buy-to-let products, and as we specialise in HMOs and MUBs we are well placed to offer finance to both new, and experienced landlords.
“While we have competitive rates, what separates West One from other lenders is our flexible underwriting and excellent service. Despite being larger than many peers we are nimble, can make decisions quickly and have the entrepreneurial approach of a much smaller lender.”
