The launch is part of a major revamp of its BTL range
Specialist lender West One Loans has announced the launch of a new range of five-year fixed rate products with a three-year early repayment charge (ERC).
The introduction of the new products, part of a major revamp of the lender’s buy-to-let range, not only aims to give landlords payment stability for five years, but also to provide 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 houses in multiple occupation (HMOs) or multi-unit blocks (MUBs). The maximum loan size is £1.5 million, and the rental coverage is assessed against the product pay rate.
📢 West One Buy-to-Let LATEST NEWS ❗
— West One Loans (@westoneloans) March 22, 2023
❗ Introduction of new 5 Year Fixed products with a 3 Year ERC. This product is stressed at pay rate and is targeted at borrowers who want long term payment stability with the flexibility to exit early. Rates from https://t.co/8BH3OOUMAx… pic.twitter.com/pSJG9fa2rC
Aside from this, West One has also launched a new range of lifetime trackers, with rates starting from the bank base rate (BBR) plus 1.65% for landlords with standard properties. The specialist range starts from BBR plus 1.85%.
The lender is also reintroducing its core range of green products for both standard and specialist landlords, with rates priced at 10 basis points lower than equivalent non-green products.
“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,” said Andrew Ferguson, managing director of West One’s buy-to-let division. “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.”
Ferguson (pictured) added that the launch of West One’s lifetime trackers and the reintroduction of green mortgages offered 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,” he stated.
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