West One Loans has launched a five-year fastened buy-to-let product with a 4.8 per cent charge, which the lender stated will assist landlords obtain larger loans.
The mortgage has a 9.99 per cent association price and is burdened at pay charge. This is predicted to spice up the available mortgage to worth (LTV) restrict.
West One Loans stated mortgages with low charges and excessive charges had been essential at a time when greater rates of interest had been capping the loans sizes available to landlords.
The lender now gives 4 price choices, 2.5 per cent, 4.99 per cent, seven per cent and 9.99 per cent.
West One Loans helps landlords obtain larger mortgage sizes with new sub- 5 per cent five-year repair burdened at pay charge.
The lender has additionally lowered charges throughout its restricted version buy-to-let merchandise by as much as 0.38 per cent. The charge on the two-year repair now begins from 4.9 per cent, whereas the five-year repair begins at 4.8 per cent.
Andrew Ferguson, managing director of purchase to let at West One Loans, stated: “Given the tempo at which charges have risen over the previous 18 months, many landlords are discovering they can’t obtain the mortgage sizes they need once they come to buy 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 decrease charge mixed with the actual fact we are going to stress this deal at pay charge means landlords with out the required ranges of capital can nonetheless obtain the LTV they want. We encourage brokers to take a look at the leverage advantages on our varied product price choices and work with their purchasers to seek out the best choice to satisfy their wants. The elevated lending available on the excessive price choices could be fairly substantial and can work nicely for patrons for whom leverage is essential.
“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.”
Shekina is the business editor at Mortgage Solutions. She has over 4 years’ expertise within the B2B publishing market, with earlier industries together with the accounting, pet, funeral, hospitality, retail and jewelry trades.
She presently studies on present occasions within the mortgage market and liaises with monetary purchasers to provide sponsored content material.
Follow her on Twitter at @ShekinaMS
