Specialist mortgage lender West One
As a mortgage network, we welcome partner lenders to participate in our weekly kick-off series. During these sessions, they delve into criteria and provide valuable insights on effectively presenting mortgage applications, focusing on the intricacies of the specialised lending sector. Today’s kick-off of the week is Specialist Mortgage Lender West One.
This collaborative forum is an invaluable resource for staying abreast of the latest industry trends and fostering a deeper understanding of the nuanced aspects of mortgage application processes. It enhances the knowledge exchange between our network and partner lenders and contributes to a more informed and efficient approach to navigating the dynamic landscape of specialised lending.
Specialist mortgage lender West One | Our buy-to-let products
West One is a prominent force in specialised mortgages and property financing, dedicated to assisting homeowners, landlords, and property investors to realise their financial aspirations. We take pride in offering tailored solutions, extending our support to first-time landlords embarking on their property journey and seasoned professionals seeking to augment their property portfolios.
Our buy-to-let products cater to a diverse clientele, accommodating those applying under personal names or through limited companies. At West One, our unwavering commitment to delivering 
excellence is evident in the quality of service we extend to our intermediary partners.
This commitment is fortified by our expansive array of products, a team of dedicated experts, and an intuitive online application portal that ensures a seamless experience.
Our extensive product lineup is seamlessly accessible through our Standard and Specialist Product ranges, exclusively available via mortgage intermediaries. Whether you’re a novice landlord venturing into the property market or a seasoned investor aiming to expand your holdings, West One is poised to be your strategic partner on the path to financial success.
Specialist Mortgage Lender West One | 10 Points to discuss with clients looking to finance a holiday let
There are several benefits and considerations that your clients will need to be aware of when looking to finance a holiday let. West One has created a handy checklist of areas to discuss with your clients.
Specialist Mortgage Lender West One: Benefits
- The cost of furnishing a holiday rental can be deducted from the pre-tax profits.
- Self-catering accommodation may be subject to Business Rate property tax, allowing the investor to claim small business rate relief instead of paying council tax.
- Suppose an investor decides to sell their property. In that case, they can claim certain Capital Gains Tax reliefs, including Entrepreneur’s Relief, Business Asset Rollover Relief and Gift Hold-Over Relief.
- Income generated from a holiday rental is classed as ‘relevant earnings’, meaning you can contribute towards your pension and reduce your income tax bill.
- Married couples can divide the profits from a furnished holiday let however they choose, regardless of the ownership split.
- There is the potential for higher profit margins as the daily and weekly charges for holiday lets are considerably higher than traditional buy-to-lets.
Specialist Mortgage Lender West One |Considerations
- Certain councils have restrictions in place for short-term lets which may impact the ability for the owner to rent the property as a short-term let.
- The running costs for a holiday let can be higher, particularly if the property management is outsourced to a holiday operator, who will take a fee. It is also worth considering that wear and tear is likely to be higher with multiple occupants coming and going.
- Without the security of a tenancy contract that comes with a traditional buy-to-let, holiday lets can be vacant for long periods- particularly in the low season.
- Utility bills and TV packages will need to be covered by the property owner at a holiday rental, while these would normally be covered by the tenant at a traditional buy-to-let.
Specialist Mortgage Lender West One | Purchasing or refinancing a holiday let
At West One, our specialist buy-to-let product range is available to amateur and professional landlords looking to finance complex transactions, including Holiday Lets.
Key features of West One Holiday Let mortgages:
- We lend to first-time landlords with no holiday letting experience.
- Available to individuals, limited companies, and expats.
- No minimum income.
- We can accommodate short-term lets and serviced accommodation (Airbnb), which means the property does not have to be in a typical holiday destination.
- Holiday lets are assessed on an AST rental basis.
- The property must be suitable for standard AST rental.
- There must be no restrictive covenants relating to holiday letting (Seasonal restrictions, holiday let usage only).
- We wouldn’t lend on a holiday let complex or in an area predominantly holiday let property due to limited resale potential.
We’ve come to the end of our discussion on “Specialist Mortgage Lender West One.” until next time, stay Connected!