Major Overhaul of West One’s Buy-to-Let Mortgage Range

West One has initiated a significant transformation of its Buy-to-Let mortgage products, marking the most extensive update since their initial launch in 2019. This overhaul aims to better meet the evolving needs of landlords and investors within the property market.

Introduction of the Bespoke Buy-to-Let Service

One of the major highlights of West One’s revised offerings is the introduction of a Bespoke Buy-to-Let Service. This service targets more complex cases, allowing landlords to receive personalized case management from application through to completion. With a focus on collaboration with legal partners, West One aims to ensure a seamless customer journey for all buyers.

Tailored Solutions for Professional Landlords

In addition to the bespoke service, West One is committed to working closely with intermediary partners. This collaboration aims to create custom products designed to address the unique requirements of professional landlords. Enhancements include discounted application fees for multiple loan submissions, making it easier for landlords to manage their finances.

Key Features of the New Mortgage Range

High-Value Loans and Flexible Options

The newly revamped Buy-to-Let range accommodates high-value loans of up to £15 million. This is particularly beneficial for:

• Portfolio applications
• Large HMOs and multi-unit blocks
• Development exits
• Offshore Special Purpose Vehicles (SPVs)
• Share purchase agreements

Streamlined and Simplified Product Range

West One has also streamlined its Buy-to-Let product range to simplify the selection process for brokers. This approach retains flexibility and competitive pricing, ensuring that brokers can easily identify the best solutions for their clients.

New Offerings for Small HMO/MUB Properties

A significant addition is the new small HMO/Multi-Unit Block (MUB) range. This category offers lower pricing for properties with up to three beds or units and reduced interest rates for diverse borrower groups, including:

• Foreign Nationals
• First-Time Buyers
• Expatriates
• Holiday Lets

Expanded Credit Criteria for Landlords

In a bid to support landlords with varying financial backgrounds, West One has broadened its credit criteria. Key enhancements allow:

• Increased options for borrowers with unsecured arrears, CCJs, defaults, or mortgage arrears.
• New options for landlords with discharged Individual Voluntary Arrangements (IVAs) and Debt Management Plans (DMPs).

Increased Loan-To-Value Ratios

Furthermore, West One has raised Loan-To-Value (LTV) ratios up to 80% for corporate let applications, making it more accessible for a variety of borrowers. Notably, foreign nationals residing in the UK with Skilled Worker or Health and Care Worker visas can now apply under their names.

Additional Changes and Updates

Other updates include increased maximum loan sizes for Large HMOs, Multi-Unit Blocks, Holiday Lets, First-Time Buyers, and Expatriates. The minimum property value eligible for financing has been reduced to £75,000.

Conclusion and Expert Insights

The enhancements are effective immediately, with Marie Grundy, Managing Director of Mortgages at West One, stating, “This is the most comprehensive set of changes we have made to our Buy-to-Let range to date.” The new Bespoke Buy-to-Let Service and redesigned product range represent a significant step forward in delivering tailored, responsive service to landlords with diverse needs.

In summary, West One’s major overhaul of its Buy-to-Let mortgage range will not only simplify the application process for brokers but also provide compelling and competitive solutions for property investors. Whether you are a part-time or professional landlord, these changes will allow for greater flexibility and accessibility in financing options.

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