Residential mortgages are available up to 90% loan-to-value (LTV) with loan-to-income (LTI) of up to 5.5 times income as standard.
The maximum loan will be capped at £1.5m. West One’s LTI Boost products with no loan-to-income cap are also available for households earning over £50,000 and where affordability is evidenced.
For Northern Ireland, core product rates start from 6.34% for two-year fixed terms and 6.23% for five-year fixed terms.
Two-year fixed term mortgages in the LTI Boost range start from 5.64%.
Variable rate mortgages are available from 5.6% (BBR + 1.85%) on the two-year discounted tracker product with ERCs only applicable in the first year.
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BTL mortgages will be available up to 75% LTV with a maximum loan size of £2m. West One’s bespoke BTL offering, mostly suitable for portfolio landlords, will also be available on a referral basis for larger loan sizes on portfolios up to £15m.
West One said various instances of credit blips will be considered.
Marie Grundy (pictured), managing director of Mortgages at West One, said: “Northern Ireland presents an amazing growth opportunity for West One, allowing us to serve more brokers and borrowers with a range of specialist mortgage products that could help underserved clients obtain a mortgage deal.
“Our entry into the market also puts us among a very small group of specialist lenders offering mortgage products across the whole of the UK.”
Paul Huxter, head of intermediary sales and distribution at West One, added, “The buy-to-let market in Northern Ireland is unique in the sense that undersupply of rental properties dominates the discussion. Yet many would-be landlords who don’t qualify for a high street mortgage have very limited options and face tough barriers to entry as a result.”
