Dispelling the myths of specialist BTL
With so many misconceptions around specialist buy-to-let, the team at West One are sorting the fact from the fiction and, this week, tackling two myths. Find out more and how to be in with a chance to win a luxury hamper here…
Dispelling the myths of specialist BTL | Myth #3
While most high-street lenders will make an automated decision based on the client’s credit score, a specialist lender will have more products available for borrowers with impaired credit.
At West One, we do not credit score; instead, our underwriting is based on a credit assessment, and each case is assessed individually on its merits.
Dispelling the myths of specialist BTL | Myth #4
Unsurprisingly, self-employed individuals find the high street approach to self-employment difficult. Many lenders require two years of accounts to assess the level of risk and see a stable income.
The UK mortgage market can present challenges for self-employed individuals. However, specialist lenders offer tailored solutions for such clients. Transitioning from a traditional approach, these lenders consider the evolving nature of self-employment. They focus on understanding personal circumstances rather than rigid criteria.
For instance, a specialist lender might review just one year of trading or the latest accounts. This flexibility benefits those whose income varies due to their business structure. Additionally, professional landlords who earn solely from property portfolios often face unique challenges. Yet, their circumstances can be addressed through bespoke mortgage options.
At West One, we assist clients with diverse income sources, including professional landlords. We recognise property portfolio income and offer tailored solutions. Moreover, we aim to simplify the mortgage process for self-employed individuals, providing clarity and support throughout.
This personalised approach ensures that the needs of self-employed professionals are met, even as their business landscapes shift.
West One are offering you the chance to enter their free prize draw to win a luxury hamper from Fortnum and Mason. Click here to enter.
Entries must be received by 5 p.m. on Friday, October 22nd. We will announce the lucky winner on Monday, October 25th!
To join Connect Network, click here!
