West One has introduced a new specialist BTL range, W3, designed for landlords who have encountered previous credit issues.
The new suite contains two five-year fixed-rate products, both available at up to 65% LTV — the options are priced at 6.84% with a 4.99% fee, and 7.29% with a 2.5% fee.
The products offer loans up to £500,000, with rental calculation based on the product’s payrate, and they are available for a wide range of properties, including small HMO/MUBs, as well as properties near or above commercial.
The lender will allow applications from borrowers who have had:
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.
Andrew Ferguson, managing director of BTL at West One (pictured above), said: “Landlords are not immune from what is happening in the economy and a growing number of them are facing financial challenges.
“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.
“This particular market is underserved and we are pleased to be able to support borrowers who have had credit issues with this enhancement to our product range, building on our existing W1 and W2 credit criteria, allowing us to support an even wider range of landlords.”
