The bespoke BTL service will be backed by a team of experienced underwriters and they will support portfolio landlords and property investors with more “complex borrowing requirements”.
It will offer “tailored solutions” for loans up to £15m, portfolio applications, large houses in multiple occupation (HMO) and multi-unit blocks (MUB), development exits, offshore special purpose vehicle (SPV), and share purchase agreements.
The service will provide a “personalised approach to case management” from application through to completion.
Underwriters will work closely with legal partners to ensure a seamless customer journey and work with brokers to create bespoke products that offer tailored solutions to “professional landlords with unique requirements”.
West One Loans has also made a number of changes to its BTL range to make it easier for brokers to find the right solution for their clients while keeping flexibility and competitive pricing.
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The range will have a new small HMO and MUB deal, which offers lower pricing for properties with up to three beds or units.
There will also be reduced rates for foreign nationals, first-time buyers, expats, holiday lets and large HMO/MUBs.
The lender has broadened its credit criteria, with increased options for borrowers with unsecured arrears, County Court Judgments (CCJ), defaults or mortgage arrears and new options for those with discharged individual voluntary agreements and debt management plans.
There are also increased loan to value (LTV) up to 80% for corporate let applications, and foreign nationals living in the U,K including those borrowers with skilled worker or health and care worker visas, will be able to apply under their individual names.
Maximum standard loan sizes have been upped for large HMOs and MUBs, holiday lets, first-time buyers and expats. The minimum property value has also been reduced to £75,000.
Marie Grundy, managing director, mortgages at West One, said: “This is the most comprehensive set of changes we have made to our BTL range to date and represents a major overhaul of our current product range.
“The launch of our bespoke BTL service will provide our intermediary partners with direct access to a dedicated team providing a highly responsive service who truly understand the needs of landlords with more complex requirements whilst being fully focused on delivering service excellence.”
She continued: “We have also taken the opportunity to redesign our entire product range, offering a compelling range of options for property investors, whether they are part-time or professional landlords.
“Not only will this new streamlined approach make it easier for our brokers to identify the right solution for their clients, but also offers significantly lower pricing and, importantly, an increased number of products for landlords with less than a perfect credit score.”
Earlier this year, West One Loans created a mortgage division, merging its residential, BTL and second charges into one unit.
