The specialist lender’s new suite, called W3, contains two products — a 6.84% five-year fix with a 4.99% fee and a 7.29% five-year fix with a 2.5% fee, both of which are available up to 65% LTV.  

The maximum loan size is £500,000, while the rental calculation is based on the product’s payrate.  

The lender will accept “a wide variety of property types”, including small houses in multiple occupation/multi-unit freehold blocks, as well as properties near or above commercial.  

Loan conditions cover:  

• One default in the past 12 months, none in the past three months – up to a maximum of £5,000  
• One county court judgement in the past 12 months, none in the past three months – up to a maximum of £5,000  
• One missed mortgage payment in the past 12 months, none in the past three months – up to a maximum of £5,000  
• No bankruptcies or individual voluntary arrangements in the past 72 months  

The firm says any impaired credit older than 12 months, unsecured arrears or missed payments on public utilities and communication suppliers will be ignored, subject to satisfactory explanation.  

It adds that during the initial product roll-out, brokers should speak to their business development manager, or West One’s broker support desk, to confirm if any potential cases meet the criteria.  

West One Loans managing director of BTL Andrew Ferguson says: “Landlords rely on tenants to pay in full and on time.

“When they don’t, which is an increasing occurrence since the pandemic, landlords are at risk of missing payments and acquiring blemishes on their credit record, even though overall they remain a good credit risk.  

“The W3 option provides a solution to borrowers who can demonstrate that their problems are behind them and are fundamentally a sensible credit risk.

“We believe with the improving economic environment, the timing of this new launch makes sense commercially.”