West One Loans and UTB add fixed rate products – round-up

Pricing starts from 5.55 per cent for a standard five-year fixed rate and 5.75 per cent for it specialist version.

For the two-year version, standard pricing starts at 5.66 per cent and specialist pricing begins at 5.79 per cent.

The standard range includes portfolio landlords and the specialist products cover houses in multiple occupation (HMO), multi-unit freehold blocks (MUFB) and property above commercial.

The lender said that rental coverage was assessed against the product pay rate on the five-year range

Andrew Ferguson, managing director of West One’s buy-to-let division, said: “We are moving quickly to offer landlords access to the most competitively-priced products we can.

“We already have a compelling and comprehensive range of lending options for landlords and these new additions further enhance this, as they are right at the top end of the market.”

He added: “It was not long ago that intermediaries and their clients were seeing products rise in price, so we are delighted to be able to offer these new rates as we head towards the New Year.

“The outlook continues to gradually improve and we are working hard to support landlords as much as we can, as there will inevitably still be some bumps in the road.”

UTB brings out five-year fixed rate

United Trust Bank (UTB) has launched a limited edition buy-to-let five-year fixed rate priced at 6.19 per cent. The deal is subject to a four per cent product fee.

It comes after the lender made its online decision in principle process available to all its buy-to-let products.

UTB said that the change had allowed it to grow capacity for new buy-to-let applications and reduce its service level agreement for new applications and posts to 24 hours.

Mike Walters, sales director for mortgages at UTB, said: “The buy-to-let market is adapting to the sharp increase in the base rate and we are supporting our broker partners and landlord borrowers with new competitive products and quick turnarounds to help mitigate interest coverage ratio (ICR) challenges.”

He continued: “Brokers have been very positive about our buy-to-let offering which caters for individual, portfolio, limited company special purpose vehicle (SPV) and first-time landlords with specialist requirements such as unusual property types including flats that are high rise and over commercial premises, HMOs, multi-unit freehold properties and holiday lets.

“Our recent broker portal enhancements have enabled us to welcome many new landlord customers to UTB and we are sure this attractive fix will encourage even more.”