West One Loans has launched a new buy-to-let 5-year fixed rate of 4.8%, aimed at helping landlords secure larger loan sizes.
The rate is stressed at the pay rate, making it easier for landlords to achieve higher loan-to-value (LTV) ratios, particularly significant in the current environment of rising interest rates.
The new product comes with a 9.99% arrangement fee, adding another fee category to West One’s existing options of 2.5%, 4.99%, and 7%. The lender has also cut rates on most of its limited edition buy-to-let range by up to 0.38%.
Andrew Ferguson (pictured), 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’s why we have introduced a new fee band at 9.99%, allowing us to offer a lower 5-year fixed rate of 4.8%.”
Ferguson further added that the new rate and fee options give brokers more choices to help their clients, particularly those for whom higher leverage is essential. “We now have four different fee options for borrowers, each coming with different rates, to support clients in these challenging times,” he said.
