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West One Loans cuts BTL lifetime tracker rates

  • 18/05/2022
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West One Loans cuts BTL lifetime tracker rates
Specialist lender West One Loans has reduced rates for its buy-to-let (BTL) lifetime tracker range by up to 0.15 per cent.

Rates in its Lifetime Tracker Standard W1 range start from base rate plus 2.09 per cent, which is down from 2.24 per cent.

In its specialist lifetime tracker range it has also cut rates by up to 0.15 per cent, with rates beginning from base rate 2.34 per cent.

The specialist range is aimed at complex transactions, which includes houses, flats and maisonettes above or near commercial premises, houses in multiple occupation (HMO) and multi-unit freehold blocks (MUB).

The lifetime trackers come with early repayment charge (ERC) options, with a two-year term starting with a two per cent ERC in the first year and then falling to one per cent in year two.

Andrew Ferguson, managing director of West One’s BTL division, said that these were “uncertain times” for many borrowers and with more interest rate rises on the horizon “flexibility will be key”.

He added: “Many brokers will be approached by clients asking for help in reviewing the options available, especially those at the more complex end of the market.”

Ferguson continued that this was part of the reason it was cutting rates on its tracker range as it wanted to give brokers and clients “more ways to navigate their portfolios through this changing and challenging landscape”.

He noted that many investing in rental properties had been looking at specialist BTL products and due to its specialism in HMOs and MUBS it was well-placed to help new and experienced landlords.

Ferguson concludes: “Price will always be a factor when choosing a lender. However, our speed, flexibility and expertise are the reasons why brokers come to us time and time again. West One prefers a people first approach to underwriting, meaning we can say yes to more deals and are trusted by brokers to get deals done when it matters.”

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