West One launches new 5-year fixed rate B2L products

Published on

West One Loans has launched a new range of five-year fixed rate products with a three year ERC as part of a major revamp of its buy-to-let range.

The new products provide landlords with the flexibility to exit penalty-free two-years earlier than they would with a regular fixed rate.

The limited edition range starts at 4.99% for standard properties and 5.19% for specialist properties, including large HMOs (multiple occupation) or MUBs (multi-unit blocks).

The maximum loan size is £1.5m and the rental coverage is assessed against the product pay rate.

In addition to this, West One has also launched a new range of lifetime trackers.

Rates start from BBR+1.65% for landlords with standard properties, while the specialist range starts from BBR+1.85%.

The lender is also reintroducing its core range of green products for both standard and specialist landlords, with rates priced 10bps lower than equivalent non-green products.

Andrew Ferguson, managing director of West One’s buy-to-let division, said: “The advantage as a borrower of locking into a longer-term deal is that you have peace of mind that your payments will not increase.

“In return for that sense of security, you normally have to accept that you can’t exit that deal before the end of your fixed term without paying a penalty.

“What we’re offering landlords is the best of both worlds, payment stability plus the flexibility to exit penalty-free two years earlier if they choose to.

“This new range of products is all about giving landlords more choice, more room for manoeuvre at a time when it’s really needed.

“Equally, the launch of our lifetime trackers and the reintroduction of our green mortgages offer brokers and their clients even more options.

“We are proud to be offering a hugely varied and competitive range of buy-to-let mortgages that we believe will help landlords to navigate the current market headwinds.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

L&G cuts rates for new optional payment lifetime mortgages

L&G has introduced rate reductions of between 0.01% and 1.00% for new customers taking...

Mortgage payments are leading source of financial pressure for borrowers

More than half of UK mortgage holders worry about their repayments at least once...

StrideUp cuts HMO and MUFB finance rates and raises broker fees

StrideUp has reduced rates across its houses in multiple occupation (HMO) and multi-unit freehold...

West One expands mortgage sales team with four appointments

West One has appointed four members to its mortgage division sales team as the...

Regional divide reshapes landlord investment plans

Landlords are reassessing where they invest as regional differences in yields, arrears and void...

Latest publication

Other news

L&G cuts rates for new optional payment lifetime mortgages

L&G has introduced rate reductions of between 0.01% and 1.00% for new customers taking...

Mortgage payments are leading source of financial pressure for borrowers

More than half of UK mortgage holders worry about their repayments at least once...

StrideUp cuts HMO and MUFB finance rates and raises broker fees

StrideUp has reduced rates across its houses in multiple occupation (HMO) and multi-unit freehold...