West One has rolled out a new buy-to-let (BTL) service and made several changes to its existing product range.
The bespoke BTL service is aimed at landlords and property investors with more complex borrowing needs.
A dedicated team of experienced underwriters will handle cases from application to completion, working with legal partners to streamline the process.
The lender will also work with brokers to create customised products for professional landlords with particular requirements.
Additionally, the lender has also introduced discounted application fees for multiple loan applications.
The service will offer solutions for high-value loans up to £15m, portfolio applications, large houses in multiple occupation (HMOs) and multi-unit blocks, development exits, offshore special purpose vehicles (SPVs) and share purchase agreements.
West One has also simplified its BTL product range to help brokers find the right option for their clients, while keeping flexible criteria and competitive pricing.
The range includes a small HMO and multi-unit block product with lower pricing for properties of up to three units, as well as reduced rates for foreign nationals, first-time buyers (FTBs), ex-pats, holiday lets and large HMOs.
The lender has also widened its credit criteria, making it possible for landlords with imperfect credit histories to access its products.
Changes include more options for borrowers with unsecured arrears, county court judgments (CCJs), defaults or mortgage arrears, and new choices for those with discharged individual voluntary arrangements (IVAs) and debt management plans.
Other updates include increased loan-to-value (LTV) ratios up to 80% for corporate lets.
Foreign nationals in the UK, including those on skilled worker or health and care worker visas, can now apply in their own name.
Maximum standard loan sizes have gone up for large HMOs, multi-unit blocks, holiday lets, FTBs and ex-pats.
The minimum property value has been lowered 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 Buy-to-Let range to date and represents a major overhaul of our current product range.
“The launch of our Bespoke Buy-to-Let 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.
“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.”
Grundy added: “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.”
