West One has announced a major overhaul of its buy-to-let mortgage range, marking the most significant set of changes since the product's launch in 2019.
The updates include the introduction of a bespoke buy-to-let service for more complex cases, alongside enhancements to credit eligibility, corporate lets, and criteria for foreign nationals.
The bespoke buy-to-let service includes a dedicated team of experienced underwriters supporting portfolio landlords and property investors with more complex borrowing requirements. The dedicated service offering will provide a personalised approach to case management from application through to completion stage.
They will also work closely with intermediary partners to create bespoke products to provide tailored solutions for professional landlords with unique requirements and West One has introduced discounted application fees for multiple loan applications. This new service will provide tailored solutions for high-value loans up to £15 million, portfolio applications, large HMOs and multi-unit blocks, development exits, offshore SPVs, and share purchase agreements.
Additionally, West One has streamlined its product range to make it simpler for brokers to identify the most suitable solution for their clients.
The new range includes a new small HMO/MUB range offering lower pricing for properties with up to three beds or units, in addition to reduced rates across the range for foreign nationals, first-time buyers, expats, holiday lets and large HMO/MUBs.
In addition, West One has broadened its credit criteria, making it easier for landlords with less-than-perfect credit to access its products. 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 borrowers with skilled worker or health and care worker visas, can now apply under their individual names. Maximum standard loan sizes have been increased for large HMOs and multi unit blocks, holiday lets, first-time buyers and expats. The minimum property value has also been reduced to £75,000.
Marie Grundy (pictured), managing director of mortgages at West One, commented: “This is the most comprehensive set of changes we have made to our buy-to-let range to date and represents a major overhaul of our current product range. The launch of our bespoke buy-to-let 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.
"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.”
