West One Loans announces product enhancements for BTL
West One Loans’ buy-to-let division has announced product and criteria changes as it continues to grow in response to strong demand in the market.
Taking effect from today [September 02] there is a range of new products being introduced with reduced rates and some fee reductions on selected products.
Among the changes is a new 75% LTV Limited Edition product, with a five-year fixed payrate, for maximum loan size of £750k (minimum of £150k) which is being added to the Standard W1 range.
This will be priced at 3.19% with a 1.5% fee, restricted to three loans per applicant, but not available for new builds.
There is also a new Limited Edition product for small HMO/MUFB properties, also with a five-year fixed rate and £750k maximum loan size, being added to the Specialist W1 range. This will be priced at 3.49% with a 2% fee.
As part of the changes, the Standard W1 product range is being re-priced with reductions of up to 20 basis points as well as fee reductions of 50 basis points on most of its five-year fixed Standard range
Specialist W1 (HMO/MUB) product rates have also been re-priced with reductions of up to 15 basis points with rates starting from 3.44% with a 1.5% fee.
Andrew Ferguson, managing director for West One buy-to-let division, said: “We’re making these changes today in response to a busy buy-to-let market, where we’ve been able to expand our distribution this year and enable more brokers and clients to benefit from the strength of our proposition.
“Our continued focus on service delivery aligned with these rate changes mean we are well placed to support our broker partners and their landlord clients as we move towards the end of the year.”
There are also changes in the holiday let and ex-pat range with the short term let product pricing being reduced by 10 basis points to 4.09% on a five-year fixed basis, and the ex-pat product reduced by 25 basis points to 3.84%, also on a five-year fixed basis.
In terms of criteria changes, the ex-pat range maximum LTV has increased to 75%, up from 70% previously. Similarly, the maximum LTV on the short term/holiday let product has been increased to 75%, also up from 70% and will also be available for MUFB properties considered within this range.
A number of products have been withdrawn as part of the changes and are no longer available, including the current limited-edition product (3.14%, five-year fixed), the current Standard and Specialist range products and the current limited-edition for Small HMO/MUFB – 3.59%, five-year fixed.