West One Announces Series of Product and Buy-Lease Criteria Changes
“We are very pleased to present these exciting product and criteria changes today, which will provide more choice for brokers and their clients.”
West One Loans’ buy-to-lease division unveiled a series of product and criteria changes, including a new product launch and reduced prices on select lines.
The range is available on the West One Broker Portal with a new Limited Edition 75% LTV among the highlights. Five-year fixed-rate rental calculation product with a maximum loan size of Â£ 750,000 is added to West One’s Standard W1 range and is priced at 3.34%, with a 2% charge.
The existing 80% LTV products in the standard W1 range have an increased maximum loan size of Â£ 750,000 (from Â£ 250,000), and are now available for both purchase and remortgage. Product fees can be added to the loan with rates starting at 4.04% and fees from 1.5%.
West One is also introducing discounted prices on a selection of specialty products from the W1 range for HMO / MUB properties, up to 10 basis points. Prices for these products start at 3.54% with a charge of 1.5%. The lender recently increased its HMO size to a maximum of 10 bedrooms, with MUB properties also available up to 10 units.
Following West One’s re-entry into the short-term rentals and expat market earlier this year, the maximum loan size has increased to Â£ 750,000 from Â£ 500,000 on these products. However, the current limited edition product line (3.44%, fixed over five years) is being retired from new business as of today.
In addition to the product changes, the buy-lease division also defined a number of criteria changes.
Maximum loan size increased on standard and specialty W1 product lines from base to Â£ 1.5million on all LTV bands up to 75% of LTV value (increased from Â£ 1million to 70% / 75 % LTV).
Additionally, apartments above commercial premises can now be considered at an LTV rate of up to 75%, as well as applicants who own unencumbered properties where no mortgage history is available.
Andrew Ferguson, Managing Director of West One’s Buy-Lease Division, said: âWe are very pleased to present these exciting product and criteria changes today, which will provide more choice for brokers and their clients, while broadening our proposition.
âWe regularly discuss the criteria with key broker contacts and these changes are a result of listening to what brokers want. These changes, aligned with our continued focus on service, will help us continue our growth path and our engagement with more brokers.
âThis year the buy-to-rent market has really taken off, in part due to the changing lifestyles we have seen in the wake of the coronavirus and the lockdowns that result from it. At West One, we are able to support the market with a multitude of new products to meet these changing demands. ”