West One Loans has launched a new buy-to-let discount two-year tracker that borrowers can exit at any time without paying a penalty.
The product is priced from 3.29% for the first two years, up to 80% loan to value (LTV), before moving to West One’s reversion rate, which is currently Bank Base Rate plus 4.99%, and is open to landlords with clean credit profiles.
First-time landlords are welcome to apply, as long as they own their own home, and there are no minimum income requirements.
The maximum loan size available on the deal is £2m, like the rest of the lender’s W1 product range.
West One Loans believes the product will suit landlords who believe that interest rates may fall in the medium-term but who want the added flexibility of being able to leave the deal early.
Meanwhile, the lender has introduced a new range of W1 lifetime tracker products for both standard and specialist applications, with rates starting from 3.64% (BBR +2.39%) with options for a two or five-year ERC period.
Andrew Ferguson, managing director of West One’s buy-to-let division, said: “While interest rates look like they are only going one way – up – nobody can know for sure. A year ago, nobody would have predicted inflation would be close to double-digits and interest rates would be north of 1%.
“The feedback we have had from brokers suggests there are still plenty of borrowers out there who believe that rates will settle – or even fall – over the medium-term and therefore want the flexibility that a discounted tracker deal offers.
“That is why we have launched this deal today, and we will continue to evolve our buy-to-let range so it is in tune with the needs of brokers and their clients.
“What’s more, applicants will continue to benefit from our speed, our flexible underwriting and expertise, which is why brokers keep coming back to us.”
