West One has introduced a series of new products to its standard and specialist BTL ranges, including a new two-year discounted tracker product with no ERCs for landlords with non-standard properties.
The tracker option offers loans up to £2m at maximum 75% LTV, with rates starting from 3.54% for the first two years, before moving to West One’s reversion rate (currently Bank Base Rate plus 4.99%).
It is available to landlords wishing to buy or refinance HMOs, MUBs or other specialist properties.
West One decided to launch the product following the success of a similar ERC-free discounted tracker for clients with standard properties, revealed at the beginning of the month.
In addition, the lender has introduced two new limited-edition five-year fixed-rate products for its standard and specialist ranges.
The standard limited-edition W1 option is priced at 4.59%, comes with a 1.5% arrangement fee and is available to landlords with standard properties.
Meanwhile, the specialist limited-edition product is priced at 4.79%, comes with a 2% arrangement fee and is available to landlords with HMOs, MUBs and other specialist properties.
Rental calculation is available at payrate for both new options.
Andrew Ferguson, managing director at West One’s BTL division (pictured above), said: “We are constantly reviewing our range and we believe that these new products offer compelling new options to brokers and their clients.
“We have experienced strong demand for our discounted tracker range in particular, which is why we have decided to launch a set of products aimed at landlords buying specialist properties as well.
“While interest rates look set to continue rising, discounted trackers typically have lower rates than fixed-rate deals, so they will be suitable for landlords who want to keep an eye on costs, but who also believe that interest rates will stabilise over the medium term.
“Add into the mix that there are no ERCs and we think it could be a very interesting proposition for many borrowers."
