West One Loans debuts landlord AVMs, cuts rates
WestOneLoans, the leading mortgage company in the UK, has announced automated valuation models to streamline the application process. It uses the data from the current sales, market trends, and property features to provide reliable property values. It significantly cuts the evaluation period and provides the principal offer within 24 hours. According to the recent update, the company provides up to 65% of the Loan value with a maximum payout size of £500,000. However, the automation is limited to certain property evaluations only.
It is not yet available for houses in multi-unit blocks, multi-occupation, or for the new builds. This implies that if you are seeking to buy a property by mortgaging one of these properties, you must wait. However, you can utilise this phase to update your property. It is important if you want to mortgage it for a higher value. The better the property cost, the higher the amount you may borrow against it. For that, you can rely on well-optimised personal loans by Hugeloanlender.
Operating for years, the firm shares expertise in helping individuals renovate properties with personalized cash options. You may get the quote in just 15 minutes instead of 24 hours. You may use it to repair the property, undergo extensions, or invest in aspects that boost the property’s value. You may even get a free inspection that may help you utilise the personal loan well.
It is important because sometimes you just cannot wait. Therefore, WestOneLoans’ move to streamline and quicken up the evaluation process may prove promising. Let’s check what the CEO has to say on this.
What does the head of WestOneLoans say on optimising the mortgage process?
The new process cuts the rates by 45bps for landlord-based products. Astonishingly, the loan rates start from 2.29%. Could you believe that? Here is what BTL Andrew Ferguson, the head, says about the new launch,
“By utilizing the speed of the automation, we are eliminating the delays that reveal some standard valuations. It empowers brokers to decide fast and give clients improved access to timeless offers and options.”
This means the clients will be able to get quick answers to their “Can I get a lower rate on mortgage than this one?” They don’t have to wait endlessly for the person to compare the rates and provide the best that matches the client’s situation. The company provides everything on a single platform. However, the company may offer up to 65% of the property value.
WestOneLoans slashes Buy-to-let rates by 15 points!
Yes, WestOneLoans has reduced the Buy-to-let rates on mortgages by 15 points. It is the second round of reduction that the company witnessed in a month. Following the reductions, you may get two-year fixed mortgage rates from 3.68%. Alternatively, the 5-year mortgage rates are available from 4.23%. The director Ferguson says
“ We are delighted to be able to significantly reduce the buy-to-let rates for the second time in a month. It passes on meaningful savings to the landlord under uncertain economic environment.”
How may you benefit from this drop in rates on Buy-to-lets?
Low interest rates could be an opportunity for the landlords. They may expand their profit margins on the rental properties. For example- cheaper interest rates translate into lower monthly payments. You can instead invest this extra cash in property updates.
If you need more cash under grim financial flexibility, check poor credit loans to meet requirements. It may help you get instant cash despite pending payments. You can use it to benefit from the opportunity. Later, you can repay it in installments without affecting your finances. It is just a single benefit of the interest rate drop. Here are others to check out:
- Increases potential for further investments
You invest in multiple properties by benefiting from low interest rates. This translates into buying more properties without feeling the financial dent. What could be better than improving the investment yield without affecting the budget? Property prices are rising. Thus, investing in profitable buy-to-let property types may increase profits and revenue.
- Opportunity for new landlords
If you are looking for the right moment to tap the buy-to-let market, then do it now. It is the ideal phase for new or aspiring landlords seeking good opportunities. You may get buy-to-let mortgages at low interest rates. Use this opportunity to attract new tenants and create a good business plan. Check which property aspects you may benefit from by investing now. Fetch it cheaper and get a mortgage quote. What could be better than entering the market without investing much?
3) Manageable mortgage payments
Unlike a rigid economic market, low interest rates offer better possibilities. It slashes the total amount you must pay over the loan tenure. Thus, it automatically reduces the monthly installment amount you need to pay. If you struggle to pay due to critical expenses, don’t worry. You don’t need to skip the payment. Instead, check unsecured loans and bad credit scores. It may help you repay the dues without attracting penalties or high interest costs. Individuals with limited income but more debts may benefit from this.
Moreover, West One’s Standard Limited Edition W1 product, the AVM (Automatic Valuation Model), helps you get a quick evaluation of the property’s value. It will help you get the best pay for your needs and financial affordability.
What landlords must consider before leveraging low-interest loans?
Yes, you must consider a few aspects before filling out the application form. Low interest rates may provide opportunities that you may benefit from. However, it may also impact things the other way. Here is what you must consider before taking low-interest loans:
1. Choose the right interest type
Identify how you may benefit the most from according to your earning style and circumstances. You can choose variable rates if you operate as a seasonal landlord. It is for individuals who receive the most rental requests in particular seasons, such as holiday rental landlords. Alternatively, you may benefit from fixed interest rates under a phenomenal renting scenario. Individuals providing accommodations to students or employees.
- Rental yield you get
Yield is the most important aspect of growing your business as a renting company. The higher the yield, the better the growth. However, low interest rates slash the yield as well. However, it may vary from area to area. If this happens, your profits may slash, too.
- Identify the tax implications
Landlords must understand the new tax rules set by the government regarding buy-to-let mortgages. Ensure you can meet the liability without worries. It will help you avoid potential legal actions and financial drops.
Bottom line
WestOneLoans, a direct lending firm, launched the automatic Valuation Model to optimise the mortgage lending process. It considers the borrower’s affordability, market trends, and client requirements and provides the best results. You can know the property you can afford and the actual rate of your property to set against the mortgage. Accordingly, the mortgage providers may provide quick quotes that match the person’s needs. For any confusion regarding loans and rates, contact us.
Ailsa Adam is the Editor-in-Chief and former content head at Hugeloanlender. She has been a valuable member of the content strategy team since 2017 due to her abundant experience in the finance sector. Passionate about helping individuals navigate the world of loans and personal finance, she has dedicated herself to acquiring extensive knowledge on various financial products. Before her role at Hugeloanlender,
Ailsa worked as a seasoned journalist and writer, specialising in creating informative blogs and articles on diverse loan types. She is known for her meticulous research and commitment to delivering accurate and engaging content. She holds a degree in MBA Finance and has a keen interest in creative writing and art.
