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West One Loans unveils new 75% LTV product among key changes

This week, West One Loan’s buy-to-let (BTL) division has revealed a raft of product and criteria changes, including a new product launch and reduced prices on a selected range.

The new range is available on West One’s broker portal and includes a new 75% loan-to-value (LTV) limited edition.

Product changes


A key highlight of West One’s product changes is the 75% LTV limited edition. It is a five-year fixed, pay rate rental calculation production with a £750,000 maximum loan size. The 75% LTV is being added to West One’s Standard W1 range and is priced at 3.34% with a 2% fee.

The 80% LTV Products on the W1 Standard Range will now have an increased maximum loans size of £750,000. The 80% LTV Products have increased from £250,000 and are now available to both purchase and re-mortgage cases. For the 80% LTV Products, the product fee can be added to the loan and rates start from 4.04% and a 1.5% fee.

West One Loans will also be introducing pricing on selected W1 range specialist products for house in multiple occupation (HMO) and multi-unit block (MUB) properties by up to 10 basis points. Starting rates for these products will be 3.54% and 15% fee. The lender increased its HMO size to a maximum of 10 bedrooms, with MUB properties also being available at up to 10 units.

Earlier this year, West One Loans re-entered the short-term let and expat market. For these products, the maximum loan size has increased up to £750,000. The current limited edition product range is at a 3.44% five-year fixed rate and is withdrawn to new business.

Criteria changes

West One Loans also set out several criteria changes, effective from this week. The loan size maximum has increased on the Core Standard and Specialist W1 product ranges to £1.5 million on all LTV bandings up to 75% LTV. This is an increase from £1.million at 70%/75% LTV. The W2 product ranges maximum loan sizes are still the same.

Flats above commercial premises can now be considered at up to 75% LTV including applicants who own unencumbered properties where no mortgage history is available.

Andrew Ferguson, managing director of West One’s buy-to-let division, said: “We’re really pleased to introduce these exciting product and criteria changes today, which will offer more choice to brokers and their clients while broadening our proposition.”

“We regularly discuss criteria with key broker contacts and these changes are as a result of us listening to what brokers want. These changes aligned with our continued focus on service will help us continue our growth journey and engagement with more brokers.”

“This year the buy-to-let market has really taken off, due in part to the shifting living patterns we’ve seen as a result of the coronavirus and ensuing lockdowns. At West One we’re able to support the market with a raft of new products to meet those changing demands."


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