West One Loans have announced the launch of a new BTL discount two-year tracker that borrowers can exit at any time without paying penalties.
The new product offers loans up to £2m at maximum 80% LTV, priced from 3.29% for the first two years, before moving to West One’s reversion rate (currently Bank Base Rate plus 4.99%).
It is available for landlords with clean credit profiles — including first-time landlords who own their own home — with no minimum income requirements.
West One has also introduced a new range of W1 lifetime tracker products for both standard and specialist applications.
Rates for these start from 3.64% (BBR +2.39%), and options for two- or five-year ERC periods are available.
Andrew Ferguson, managing director of West One’s BTL division, commented: “While interest rates look like they are only going one way – up – nobody can know for sure; a year ago, nobody would have predicted inflation would be close to double-digits and interest rates would be north of 1%.
“The feedback we have had from brokers suggests there are still plenty of borrowers out there who believe that rates will settle, or even fall, over the medium-term and therefore want the flexibility that a discounted tracker deal offers.
“That is why we have launched this deal today, and we will continue to evolve our BTL range so it is in tune with the needs of brokers and their clients.
“What’s more, applicants will continue to benefit from our speed, our flexible underwriting and expertise, which is why brokers keep coming back to us.”
