The specialist lender’s buy-to-let division has made the criteria changes, which take place with effect from today (Monday 15 February), to demonstrate its intent to grow this side of the business during 2021 following a new funding agreement.

From today, it revealed, it would consider larger Houses in Multiple Occupation (HMO) of up to 10 bedrooms – an increase from the previous limit of six bedrooms as well as increasing the exposure limits for borrowers.

Andrew Ferguson, West One Loans’ buy-to-let MD said: “These criteria enhancements are really great news at the moment, with so much focus on the buy-to-let market and the potential opportunities out there.

“The exposure increase, in particular, allows us to support larger scale portfolio landlords with their financing needs across a range of products and we will be working closely with our intermediary partners to develop this market.

“Following so closely after the funding agreement announcement, it really shows how the business is making very positive steps with real intent to grow.

“Our buy-to-let offering is growing and being received really well in the market. We believe the blend of strong products and criteria, aligned with property sector expertise and a real commitment to customer service, should enable us to really support the sector this year.”

The full rundown of the new criteria changes is as follows:

• Maximum exposure limits per borrower increased to £5,000,000 for borrowers who meet W1 credit criteria requirements.
• Current limits of £1,500,000 will remain where applicant’s credit profile requires the W2 where some minor credit blips are permitted.
• West One will now consider licensed HMO properties with up to 10 bedrooms.
• West One’s current policy of accepting Multi Unit Freehold Blocks (MUFBs) up to 10 units remains in place.