West One Loans adds sub-five per cent BTL deal

The mortgage has a 9.99 per cent arrangement fee and is stressed at pay rate. This is expected to boost the available loan to value (LTV) limit. 

West One Loans said mortgages with low rates and high fees were important at a time when higher interest rates were capping the loans sizes available to landlords. 

The lender now offers four fee options, 2.5 per cent, 4.99 per cent, seven per cent and 9.99 per cent. 

West One Loans helps landlords achieve bigger loan sizes with new sub- five per cent five-year fix stressed at pay rate. 

The lender has also reduced rates across its limited edition buy-to-let products by up to 0.38 per cent. The rate on the two-year fix now starts from 4.9 per cent, while the five-year fix begins at 4.8 per cent. 

Andrew Ferguson, managing director of buy to let at West One Loans, said: “Given the pace at which rates have risen over the past 18 months, many landlords are finding they cannot achieve the loan sizes they want when they come to purchase or remortgage. 

“That is why we have introduced a new fee band, at 9.99 per cent, which allows us to offer a new highly competitive and much lower five-year fixed rate priced at 4.8 per cent.”  

He added: “The lower rate combined with the fact we will stress this deal at pay rate means landlords without the required levels of capital can still achieve the LTV they need. We encourage brokers to check out the leverage benefits on our various product fee options and work with their clients to find the right option to meet their needs. The increased lending available on the high fee options can be quite substantial and will work well for customers for whom leverage is key. 

“It means we now have four different fee options for borrowers, each one coming with different rates, so we can cater for all types of borrower profiles. It’s important to provide brokers with choice currently to be able to support their clients’ individual circumstances in these challenging times.”