West One Loans’ buy-to-let division has made a number of criteria changes which will see maximum borrower exposure limits raised by more than three times current levels.
The lender has increased borrower limits from £1.5 million to £5 million, which should help the lender grow its buy-to-let business using 2021, following a new funding agreement.
- Current limits of £1,500,000 will remain where applicant’s credit profile requires the W2 where some minor credit blips are permitted.
It 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 allow it to consider larger HMOs, of up to 10 bedrooms, an increase from the previous limit of six bedrooms.
Andrew Ferguson, West One Loans’ buy-to-let managing director, 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 buy-to-let 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.”