West One Loans brings out five-year fixed rate products

The limited-edition range starts at 4.99 per cent for standard properties and 5.19 per cent for specialist properties, including large houses in multiple occupations (HMO) or multi-unit blocks (MUB).

The lender said the five-year fixed rate loans included a shorter, three-year early repayment charge (ERC).

It added that the maximum loan size was £1.5m and the rental coverage would be assessed against the product pay rate.

The lender noted that it had also  introduced a range of lifetime trackers, with the pricing set at the bank base rate plus 1.65 per cent for landlords with standard properties and the bank rate plus 1.85 per cent for those with specialist properties.

Andrew Ferguson (pictured), managing director of West One’s buy-to-let division, said: “The advantage as a borrower of locking into a longer-term deal is that you have peace of mind that your payments will not increase. In return for that sense of security, you normally have to accept that you can’t exit that deal before the end of your fixed term without paying a penalty.

“What we’re offering landlords is the best of both worlds, payment stability plus the flexibility to exit penalty-free two years earlier if they choose to. This new range of products is all about giving landlords more choice, more room for manoeuvre at a time when it’s really needed.”

The company added that it was reintroducing its core range of “green” products for both standard and specialist landlords, with rates priced 10 basis points lower than equivalent non-green products.

Ferguson commented: “Equally, the launch of our lifetime trackers and the reintroduction of our green mortgages offer brokers and their clients even more options. We are proud to be offering a hugely varied and competitive range of buy-to-let mortgages that we believe will help landlords to navigate the current market headwinds.”

Earlier this week, West One said it was aiming for £1bn in short-term lending this year as demand for bridging loans remained buoyant.