New Buy-to-Let Mortgages for Foreign Nationals and First-Time Buyers

West One Loans, a specialist lending firm, has announced that its buy-to-let mortgage range is now accessible to a wider demographic, including foreign nationals and first-time buyers. This expansion is a significant nod to inclusivity in the property investment sector, where traditionally, certain groups have found barriers to entry.

Foreign nationals, who may not hold a UK passport and lack indefinite leave to remain, often face hurdles in securing property investment financing. West One Loans is challenging this status quo by offering lending options with rates starting at a competitive 6.79 percent. This initiative extends to those living outside the UK, breaking new ground in the lending market.

First-Time Buyers: Entering the Property Investment Arena

The leap into property investment can be daunting for first-time buyers who have never owned residential or buy-to-let properties. West One Loans is fostering this transition by providing mortgage rates commencing at 6.09 percent, offering a tangible entry point for new investors to plant their roots in the property market.

Diverse Property Types and Lending Conditions

West One Loans is offering loans for various property types under certain conditions:

Ex-Local Authority Properties: Those properties that are less than 50 percent privately owned are now viable for loans up to 70 percent loan to value (LTV), given the valuer’s approval.
Investor-Led Properties: Similar to ex-local authority properties, these can also secure loans up to 70 percent LTV with valuer’s consent.
Sub-Let Agreements: Properties under sub-let agreements could be eligible for loans up to 65 percent LTV.

No Mortgage History? No Problem!

In a bold step, West One Loans has opened the floodgates for borrowers with no previous mortgage history, offering loans up to 75 percent LTV. This is particularly noteworthy for expats and foreign nationals who, despite having no mortgage track record in the UK, can still apply for loans up to 65 percent LTV. The key prerequisites are having a UK credit footprint and owning a UK property for at least 12 months.

A Message from the Managing Director

Andrew Ferguson, the Managing Director of buy-to-let at West One Loans, emphasized the firm’s commitment to diversity and adaptability in their lending criteria. The firm acknowledges the unique demands of the market, especially for services that cater to foreign nationals, first-time buyers, and unconventional property types.