West One has overhauled its BTL proposition, launching a new bespoke service and enhancing its lending eligibility and criteria.
The bespoke BTL service benefits from a team of underwriters supporting portfolio landlords and property investors with more complex borrowing requirements.
This service will provide tailored solutions for high-value loans up to £15m, portfolio applications, large HMOs and MUFBs, development exits, offshore SPVs and share purchase agreements.
Additionally, discounted application fees have been introduced for multiple loan applications.
Elsewhere, West One has “streamlined” its wider BTL range. This includes a new small HMO and MUFB offering with lower prices for properties up to three beds or units.
Rates of interest have also been reduced for foreign nationals, first-time buyers, ex-pats, holiday lets and large HMOs and MUFBs. Maximum loan sizes have also been increased for these customers, with the minimum property value accepted reduced to £75,000.
West One has also broadened its credit criteria, making it easier for landlords with less-than-perfect credit to access its products. These enhancements include increased options for borrowers with unsecured arrears CCJs, defaults or mortgage arrears, alongside new options for those with discharged IVAs and DMPs.
The lender has also introduced a series of criteria improvements including increased LTVs up to 80% for corporate let applications. Furthermore, foreign nationals living in the UK including those borrowers with Skilled Worker or Health and Care Worker visas can now apply under their individual names.
“The launch of our Bespoke BTL Service will provide our intermediary partners with direct access to a dedicated team providing a highly responsive service who truly understand the needs of landlords with more complex requirements whilst being fully focused on delivering service excellence,” said Marie Grundy, managing director of mortgages at West One (pictured above).
“We have also taken the opportunity to redesign our entire product range, offering a compelling range of options for property investors whether they are part-time or professional landlords.
“Not only will this new streamlined approach make it easier for our brokers to identify the right solution for their clients but also offers significantly lower pricing and, importantly, an increased number of products for landlords with less than a perfect credit score.”
