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 & Criteria Changes
We are making an addition to our Core 1st Charge Buy-to-Let fixed rate product range. The revised product range will be available for selection from today Monday 8th April 2024.
A summary of some of the changes are noted below:
Product Changes Highlights:
- Introduction of a new W3 product for Core Standard and Specialist product ranges (including small HMO/MUFB and above/next to commercial)
- Enhanced impaired credit criteria above current W2 offering
- Impaired credit within last 12 months now considered
- Impaired credit outside of 12 months not assessed for plan purposes subject to satisfactory explanation
- Includes Defaults, CCJ’s, Secured and unsecured arrears
Initially this product will not show on the broker portal automatically. If you have a deal you believe fits W3 product criteria, please call broker support on 0333 1234 556 or email [email protected] to refer the case and to ensure it meets criteria, at which point we will make the product available to you.
A wide range fee options are available across the W3 range, which are product specific, ranging from 2.50% to 4.99% which provides your clients with choice depending on their individual circumstances
New Product Guide:
An updated product guide incorporating these changes is available here.
Service Levels
At West One we pride ourselves on speed of service and currently our SLA’s on Buy-to-Let are as follows:
- Pre-submission referrals – dealt with within 2 hours
- Submitted Applications – fully underwritten and updated provided within 48 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:
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].
Residential Mortgage Product Update – Introducing Right to Buy and Shared Ownership
We are excited to announce the launch of a brand new range of Right to Buy and Shared Ownership products. These products are designed to support borrowers with non standard borrowing requirements access affordable home ownership schemes.
Acceptable credit profiles will be based on our Prime Plus Core Plan including:
- Satisfied CCJ’s and Defaults accepted
- Unsatisfied CCJ’s and Defaults under £500 accepted
- Unsatisfied CCJ’s and Defaults over 24 months old accepted
- 0 secured arrears in the last 12 months
- Max status of 1 in 12 for unsecured credit with balances over £500
- Comms suppliers and utilities not taken into account for plan assessment purposes
Key Criteria – Right to Buy
- Purchases Only starting from 6.85%
- Up to 100% of discounted purchase price up to a maximum of overall LTV of 75% (including fees)
- Council flats accepted up to 4 stories with a minimum valuation of £200,000 up to 65% LTV
- Council flats over 4 stories with a lift considered by referral (min valuation £200,000) up to 65% LTV
- Min loan £25,000/ Max Loan £500,000 (Loans over £500,000 considered by referral)
- Max LTI 5.0 income
- Loan term 5-40 years (loan term to finish by age 85)
- Dual Representation available
Key Criteria – Shared Ownership
- Available for Purchases & Remortgages starting from 6.45%
- Tiered product options available up to 100% of the share purchase value subject to a maximum of 75% OMV
- Minimum share purchase of 25%
- Loan term up to 40 years to finish by maximum age 85
- Max LTI 5.0 times income
- Available for shared ownership schemes registered in England and Wales with the Homes Community Agency (Homes England) and Welsh Assembly (Shared Ownership Wales)
- Lease requirements to include a mortgage protection clause
Increased LTV’s for Prime Plus Core & enhanced criteria for Prime Plus Higher LTV
In addition we are increasing the LTV of our Prime Plus Core range to 80% and first time buyers and home movers living with family will now be able to access products up to 90% LTV.
Our latest product guide can be accessed here
Our helpful broker support team and field based team are available to assist you with any new enquiries you wish to discuss following on from these exciting changes to our proposition.
T: 0333 123 4556