Lender launches limited edition BTL products

Lender launches limited edition BTL products

Specialist lender West One has launched two limited edition buy-to-let mortgages.

A five-year fixed-rate product is available from today (August 12), with a three-year early repayment charge. Rates start at 4.04 per cent, with terms from five to 30 years.

The loan sizes available range from £50,000 to £1m, with a maximum LTV of 75 per cent.

Applications will be accepted for houses, leasehold flats and maisonettes, new-builds, houses in multiple occupation (HMOs), multi-unit freehold blocks and holiday lets, including Airbnb properties.

Andrew Ferguson, managing director, buy-to-let at West One, said: “The added flexibility within the 5-year fixed rate with 3-year ERC product is something our broker partners have been asking for, so I anticipate strong demand for this”.

A second fixed-rate product, also for an initial period of five years, offers a maximum loan of £250,000 with a rate of 3.59 per cent for standard properties and 3.79 per cent for specialist properties.

The maximum LTV is 70 per cent, with a minimum loan size of £50,000. Terms also range from five to 30 years.

Mr Ferguson said: “These limited-edition products fill certain criteria for both standard and specialist landlords looking to expand their portfolios.

“The range covers individual and limited company applications, across standard and specialist cases, including HMO/MUFB, expat and holiday lets, which have seen a resurgence since the Covid lockdown was lifted.”

Akhil Mair, managing director at Our Mortgage Broker, commented: “We are delighted to hear West One have re-entered the specialist buy-to-let market with very competitive terms.

"As an independent brokerage we are witnessing pent up demand with buy-to-let enquiries and this new proposition will benefit those refinancing bridging loans and seeking new purchase mortgages”.