West One Loans launches an 80 per cent buy-to-let loan-to-value product, amid signs that the housing market is beginning to recover from the ravages of the pandemic.

The specialist lender also launched a range of other mortgage loans on its broker portal that include a limited edition five-year fixed product, a return to the short-term let and expat markets, and lower prices on some products.

Earlier this month data showed that mortgage approvals hit their highest level in 13 years soaring to £5.7bn in November, driven by the government’s stamp duty holiday and buyers deciding to commit to moving house despite the health crisis.

Bank of England figures showed that the number of mortgages approved by banks and building societies for home purchases had leapt to 105,000 in November – the highest figure since August 2007. During the first lockdowdn mortgage borrowing plunged to £200m last April with just 15,800 approvals.

West One’s 80 per cent LTV buy-to-let product, has a maximum loan size of £250,000 and is only available for purchases, with rates starting from 4.04 per cent.

It also unveiled a new 75 per cent LTV limited edition product, with a maximum loan size is £500,000 for properties of up £750,000, priced at 3.44 per cent.

The Borehamwood-based firm adds it is re-entering the short-term holiday let and expat markets this year, which will initially be distributed on a semi-exclusive basis through some key packager partners.

It will also cut prices by ten basis points for its specialist House in Multiple Occupation/Multi-Unit Block range, with rates starting from 3.54 per cent.

The business adds it will change criteria for its new build loan offering, which will be restricted to a maximum 65 per cent LTV, down from 75 per cent LTV, due to significant recent demand.

West One Loans buy-to-let division managing director Andrew Ferguson, says: “It may be an uncertain period just now with the lockdown in place, but there is also lots of optimism looking ahead to the rest of the year.

“With the launch of these new products we’re able to offer more choice to the intermediary market and enable them to take full advantage of the opportunities for the specialist sector with a range of products to cater for wide-ranging needs.”

The lender adds that its current limited edition product range, 65 per cent and 70 per cent LTV, is being removed as part of these changes.