Below is an update from West One, the Bridging, BTL, Commercial, and Seconds Mortgage lender, that you can access via our specialist mortgage team. Contact our team today for more information.
Announcement
Buy-To-Let Mortgages – Important Product and Criteria Changes
We are making exciting changes to our Limited-Edition, Core and Complex 1st Charge BTL fixed rate product range. The revised fixed rate product range will be available for selection on our broker portal from 8th January 2024.
A summary of some of the changes are noted below:
Product change highlights:
Reductions on rates across Limited Edition Portfolio and Non-Portfolio products:
- Portfolio 2 year fixed – reductions of up to 57bps, rates starting at 3.64%
- Portfolio 5 year fixed – reductions of up to 54bps, rates starting at 3.96%
- Non-Portfolio 2 year fixed – reductions of up to 57bps, rates starting at 4.32%
- Non-Portfolio 5 year fixed – reductions of up to 58bps, rates starting at 4.50%
A wide range of fee options available which are product specific ranging from 2.50% to 9.99% which provides your clients with choice depending on their individual circumstances.
Core and complex fixed rate products also reduced by up to 70bps with rates starting from 3.84% on 2-year fixed and 4.64% on 5-year fixed.
As a reminder our complex range includes Large HMO/MUB, Holiday Let, Expat and the new First Time Buyer and Foreign National.
Criteria Changes
Variable or less than 5-year fixed rate rental calculation will be based on the higher of stressed rate of 6.00% or pay rate, down from a previous stress rate of 6.50% with effect from Friday January 5th 2024.
Any new cases received from this date will now be calculated based on this new stress rate.
New Product Guide
An updated product guide incorporating these changes is available below.
Service Levels
At West One we pride ourselves on speed of service and currently our SLA’s on BTL are as follows:
- Pre-submission referrals – dealt with within 2 hours
- Submitted Applications – fully underwritten and updated provided within 24 hours
Registration
If any of your colleagues would like to register to become an introducer to West One Buy-to-Let, please provide them with this link: Register as an introducer
Please get in touch if you would like any support or training on submitting a case and we will arrange a training session.
If you have cases to discuss or require any further information, please contact your BDM or the broker support team on 0333 1234 556 or email [email protected].
Second Charge Mortgages – 85% LTV IS BACK!!
We are delighted to kick off 2024 with some exciting changes to our second charge product range which will be available from Friday 5th January.
The Return of 85% Lending
We are delighted to confirm we have reinstated 80% and 85% LTV products within our Prime Plus range:
- Loan sizes of £150,000 up to 80% LTV starting from 9.19%
- Loan sizes of £100,000 up to 85% LTV starting from 11.50%
Significant Rate Reductions
We have made significant rate reductions to the residential mortgage range:
- 5 year fixed rates starting from 6.59%
- 3 year fixed rates starting from 7.39%
- 2 year fixed rates starting from 7.59%
Maximum Loan Term Extended
We have increased our maximum loan term from 30 to 35 years for residential mortgages (excluding interest only) to provide borrowers with additional flexibility.
Full details can be found in our latest product guide dated 5th January 2024.
Updated Product Guide – 5th January 2024
Our dedicated broker support team and field based sales team are available to assist with any new enquiries or referrals you would like to discuss or if you would like to arrange refresher training with your teams.