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 Update: Important Product and Criteria Changes
We are making changes to our 1st Charge BTL fixed rate product range. The revised fixed rate product range will be available for selection on our broker portal from Wednesday 4th September 2024.
The changes affect our Expat and Foreign National fixed rate product ranges.
A summary of some of the changes are noted below:
Product changes:
- 25bps reduction on Expat 5-year fixed rate products, starting from 5.09%
- 45bps reduction on Foreign National fixed rate products, starting from 5.59%
Criteria Changes (Live Immediately):
- This change relates to all HMO / MUBS products, including the Large HMO/MUBS products
- Debts Service Coverage Ratio (DSCR) reduced from 135% to 125% for HMO / MUBS (Applicable to Lower Rate Taxpayers and Limited Company Applicants)
- 140% still applies for Higher Rate Taxpayers
A wide range of fee options are available across the product range, which are product specific, ranging from 2.50% to 7.00% which provides your clients with choice depending on their individual circumstances.
New Product Guide