West One is slashing their buy-to-let mortgage rates, meaning you could save on your payments.

From Monday, West One is offering reduced interest rates on their first charge buy-to-let deals. Some rates are dropping by 25 basis points, which is a pretty significant saving.

The good news applies to both standard and specialist buy-to-let mortgages. This means if you’re looking to buy a small HMO, a multi-unit freehold block, or a property that’s next to a commercial unit, you could be in line for a lower rate.

Here’s a breakdown of the changes:

• Standard two-year fixed rates: Reduced by 20-25 basis points
• Specialist two-year fixed rates: Reduced by 20-25 basis points
• Standard five-year fixed rates: Reduced by 5-15 basis points
• Specialist five-year fixed rates: Reduced by up to 10 basis points
• All W2 and W3 products: Reduced by 15bps and 10bps respectively

After the changes, you can get a two-year fixed rate starting from 2.84% and a five-year fixed rate starting from 4.29%.

More Flexibility for Landlords

West One isn’t just dropping rates. They’re also making some changes to their lending criteria, making it easier for some landlords to get a mortgage.

Here’s what’s new:

• Higher Loan Limits: You can now borrow up to £3 million on both standard and specialist buy-to-let mortgages.
• Foreign Nationals Get More Options: If you’re a foreign national with no existing UK property, you can now get a mortgage up to 65% LTV. If you’re an expat with no UK property, you can borrow up to 70% LTV.

What does this mean for you?

These changes mean that now is a great time to consider investing in buy-to-let properties. Lower rates mean you’ll pay less interest, leaving you with more money in your pocket. The relaxed criteria also opens up opportunities for foreign nationals and expats who might not have been able to get a mortgage before.