West One Loans’ buy-to-Let division has announced major criteria changes which will see maximum borrower exposure limits raised by more than three times current levels, thanks to a new funding agreement.
From today one of the UK’s largest specialist lenders will increase borrower limits from £1.5 million to £5 million in a move which demonstrates West One’s intent to grow its buy-to-let business significantly this year. They will also be opening up to larger houses in multi-occupancy (HMO) as part of the changes.
The development of West One’s buy-to-let proposition will provide greater choice in the market and will also enable West One Loans to consider larger HMOs, of up to ten bedrooms, an increase from the previous limit of six bedrooms.
The introduction of these key criteria changes cements West One’s position in the market as a well-funded specialist lender, with a great range of products and value to offer intermediaries, and clients, looking for a lender with ambition and understanding of the market.
Key criteria changes include:
- Maximum exposure limits per borrower increased to £5,000,000 for borrowers who meet W1 credit criteria requirements.
- Current limits of £1,500,000 will remain where applicant’s credit profile requires the W2 where some minor credit blips are permitted.
- West One will now consider licensed HMO properties with up to 10 bedrooms.
- West One’s current policy of accepting Multi Unit Freehold Blocks (MUFBs) up to 10 units remains in place.
Andrew Ferguson, West One Loans’ buy-to-let MD said: “These criteria enhancements are really great news at the moment, with so much focus on the buy-to-let market and the potential opportunities out there.
“The exposure increase, in particular, allows us to support larger scale portfolio landlords with their financing needs across a range of products and we will be working closely with our intermediary partners to develop this market.
“Following so closely after the funding agreement announcement, it really shows how the business is making very positive steps with real intent to grow.
“Our BTL offering is growing and being received really well in the market. We believe the blend of strong products and criteria, aligned with property sector expertise and a real commitment to customer service, should enable us to really support the sector this year.”