West One has updated its first-charge BTL fixed-rate product range with lower rates across its core and complex loans.
This will see cuts of between 20bps and 25bps on the lender’s:
standard two-year fixed rate
specialist two-year fixed rate (above or next to commercial)
specialist two-year fixed rate (small HMO/MUFB)
It will include reductions to West One’s standard five-year fixed rate of between 5bps and 15bps and cheaper borrowing costs for its specialist five-year fixed rate on small HMOs/MFUBs.
All W2 and W3 products will be slashed by 15bps and 10bps, respectively.
Two-year fixed rates will now start from 2.84% and five-year fixed rates from 4.29%.
The finance provider has also made criteria changes to its core range, such as increasing its maximum loan size to £3m gross on standard and specialist products and allowing more flexibility on applications on behalf of foreign nationals and expats.
“Providing the most competitive, convenient, and cost-effective products is always at the front our mind and, with these latest rate reductions and changes in criteria, we are living up to that ethos,” said Andrew Ferguson, managing director of BTL at West One.
“In that spirit, we expect to be able to announce further product enhancement and offers for our customers in the not-too-distant future.”
Earlier this year, West One launched a new BTL range for credit-impaired landlords, W3.
The products aim to support borrowers who can demonstrate their credit problems are behind them and are fundamentally a sensible credit risk.
