West One Loans has just announced some big changes to their lending policies, which could save you a bundle and make getting a BTL mortgage easier.

Across the board, you’ll see lower rates on both two-year and five-year fixed-rate mortgages. This means lower monthly payments and more cash in your pocket.

Here’s the detail on the rate cuts:

• Five-year fixed rates: Savings of 5 to 15 basis points (bps) on their core products and 20 to 25 bps on their specialist products.
• Two-year fixed rates: Savings of 20 to 25 bps on both standard and specialist products.
• Small HMO/MFUB five-year fixed rate: Even cheaper borrowing costs for those looking to invest in multi-unit properties.

What does this mean in real terms? Well, a 15bps drop on a £200,000 mortgage could mean saving hundreds of pounds per year on your repayments.

More Flexible Rules

But it’s not just about lower rates. West One is also loosening their lending criteria, making it easier for more people to qualify for a buy-to-let mortgage:

• Higher loan amounts: They’ve increased the maximum loan size to £3 million for both standard and specialist products. This means you can borrow more to invest in larger properties.
• Foreign national and expat friendly: West One is making it easier for foreign nationals and expats to get a mortgage. This is great news if you’re looking to invest in the UK property market from overseas.

A Word From the Experts

Andrew Ferguson, the brains behind West One’s buy-to-let operation, is excited about these changes: “We’re committed to providing the best possible service to our brokers and borrowers. These changes are all about making buy-to-let more accessible and affordable.”

He’s also hinted at even more improvements in the future: “We’re not stopping here. We’re always looking for ways to improve our products and make it easier for landlords to invest in the UK property market.”