West One has overhauled its buy-to-let (BTL) mortgage range, together with the introduction of a bespoke BTL service for extra complicated instances, enhancements to credit score eligibility, company lets and standards for overseas nationals.
The lender’s bespoke BTL service includes a devoted staff of skilled underwriters to help portfolio landlords and property traders with extra complicated borrowing necessities.
The staff will even work with middleman companions to create bespoke merchandise to supply tailor-made options for skilled landlords with particular necessities.
The adjustments additionally see the introduction of discounted software charges for a number of mortgage functions.
The new service will present tailor-made options for high-value loans as much as £15 million, portfolio functions, giant HMOs and multi-unit blocks, improvement exits, offshore SPVs, and share buy agreements.
West One has additionally streamlined its BTL product range to incorporate a brand new small HMO/MUB range providing decrease pricing for properties with as much as three beds or models.
It has additionally diminished charges of curiosity throughout the range for overseas nationals, first time consumers, ex-pats, vacation lets and giant HMO/MUBs.
It has additionally broadened its credit score standards to make it simpler for landlords with less-than-perfect credit score to entry its merchandise.
Enhancements embody elevated choices for debtors with unsecured arrears CCJs, defaults or mortgage arrears, alongside new choices for these with discharged IVAs and DMPs.
In addition, West One has added a sequence of standards enhancements together with elevated loan-to-values (LTVs) as much as 80% for company let functions.
Foreign nationals dwelling within the UK together with these debtors with expert employee or well being and care employee visas can now apply beneath their particular person names.
Maximum customary mortgage sizes have been elevated for giant HMO’s and MUBs, vacation lets, first time consumers and expats. The minimal property worth has additionally been diminished to £75,000.
West One managing director of mortgages Marie Grundy says: “This is probably the most complete set of adjustments we have now made to our BTL range so far and represents a serious overhaul of our present product range.”
“The launch of our Bespoke Buy-to-Let Service will present our middleman companions with direct entry to a devoted staff offering a extremely responsive service who really perceive the wants of landlords with extra complicated necessities while being absolutely centered on delivering service excellence.”
“We have additionally taken the chance to revamp our complete product range, providing a compelling range of choices for property traders whether or not they’re part-time or skilled landlords.”
“Not solely will this new streamlined method make it simpler for our brokers to establish the suitable resolution for his or her shoppers but additionally presents considerably decrease pricing and, importantly, an elevated variety of merchandise for landlords with lower than an ideal credit score rating.”
