West One has launched a new buy-to-let product range, offering rate reductions of up to 0.25 percentage points.
Rates now start from 3.34%, with the new products named W1 & W2. The W1 range is for clients with clean credit profiles while the new W2 products will mirror the previous Apex 0 products which have now been retired and replaced.
The new W1 plan has adverse criteria as detailed below:
- No defaults or CCJs registered in the last 72 months – including those which have been satisfied
- No mortgage/secured arrears in the last 36 months
- Unsecured loans – No arrears in the last 36 months
- No Bankruptcy/IVA, current or previous
- No payday loans, current or previous
- No DMP, current or previous
The adverse criteria for W2 will mirror the previous Apex 0 product. The maximum single loan size has been increased to £1,000,000 up to 75% on both Standard and Specialist W1 & W2 plans. The maximum loan term has been reduced to 25 years (previously 30 years).
Ex-pats are to be withdrawn from the Specialist range along with Holiday lets, which were withdrawn last month. West One says it is currently reviewing its proposition in these areas.
All of the existing Limited Edition products and Ex-pat availability have now been withdrawn. Cases keyed on the portal prior to this will be honoured where required on the current product range, subject to minimum application requirements and the £150 app fee being received by close of business on Monday 9 November 2020.
West One continue to lend to specialist landlords across a broad range of needs, including HMO and Multi Unit Blocks to both individual and Limited Company borrowers.