West One has launched a new range of five-year fixed-rate products with a three-year ERC as part of a major revamp of its BTL range.
The new options were designed to give landlords payment stability for five years, as well as the flexibility to exit penalty-free two years earlier than they would with a regular fixed rate.
The limited-edition range offers loans up to £1.5m, priced at 4.99% for standard properties, and 5.19% for specialist dwellings — including HMOs and MUBs.
The rental coverage is assessed against the product pay rate.
In addition to this, West One has also launched a new range of market-leading lifetime trackers — with rates starting from Bank of England base rate (BBR) + 1.65% for landlords with standard properties, while the specialist range starts from BBR + 1.85%.
The lender is also reintroducing its core range of green products for both standard and specialist landlords, with rates priced 10 basis points lower than the equivalent non-green products.
Andrew Ferguson, managing director of West One’s BTL division (pictured above), said: “The advantage as a borrower of locking into a longer-term deal is that you have peace of mind that your payments will not increase.
“In return for that sense of security, you normally have to accept that you can’t exit that deal before the end of your fixed term without paying a penalty.
“What we’re offering landlords is the best of both worlds — payment stability plus the flexibility to exit penalty-free two years earlier if they choose to.
“This new range of products is all about giving landlords more choice, more room for manoeuvre at a time when it’s really needed.
“Equally, the launch of our lifetime trackers and the reintroduction of our green mortgages offer brokers and their clients even more options.
“We are proud to be offering a hugely varied and competitive range of BTL mortgages that we believe will help landlords to navigate the current market headwinds.”
