West One has overhauled its buy-to-let (BTL) mortgage range, including the introduction of a bespoke BTL service for more complex cases, enhancements to credit eligibility, corporate lets and criteria for foreign nationals.
The lender’s bespoke BTL service features a dedicated team of experienced underwriters to support portfolio landlords and property investors with more complex borrowing requirements.
The team will also work with intermediary partners to create bespoke products to provide tailored solutions for professional landlords with specific requirements.
The changes also see the introduction of discounted application fees for multiple loan applications.
The new service will provide tailored solutions for high-value loans up to £15 million, portfolio applications, large HMOs and multi-unit blocks, development exits, offshore SPVs, and share purchase agreements.
West One has also streamlined its BTL product range to include a new small HMO/MUB range offering lower pricing for properties with up to three beds or units.
It has also reduced rates of interest across the range for foreign nationals, first time buyers, ex-pats, holiday lets and large HMO/MUBs.
It has also broadened its credit criteria to make it easier for landlords with less-than-perfect credit to access its products.
Enhancements include increased options for borrowers with unsecured arrears CCJs, defaults or mortgage arrears, alongside new options for those with discharged IVAs and DMPs.
In addition, West One has added a series of criteria improvements including increased loan-to-values (LTVs) up to 80% for corporate let applications.
Foreign nationals living in the UK including those borrowers with skilled worker or health and care worker visas can now apply under their individual names.
Maximum standard loan sizes have been increased for large HMO’s and MUBs, holiday lets, first time buyers and expats. The minimum property value has also been reduced to £75,000.
West One managing director of mortgages Marie Grundy says: “This is the most comprehensive set of changes we have made to our BTL range to date and represents a major overhaul of our current product range.”
“The launch of our Bespoke Buy-to-Let Service will provide our intermediary partners with direct access to a dedicated team providing a highly responsive service who truly understand the needs of landlords with more complex requirements whilst being fully focused on delivering service excellence.”
“We have also taken the opportunity to redesign our entire product range, offering a compelling range of options for property investors whether they are part-time or professional landlords.”
“Not only will this new streamlined approach make it easier for our brokers to identify the right solution for their clients but also offers significantly lower pricing and, importantly, an increased number of products for landlords with less than a perfect credit score.”
