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
Important Product & Criteria Changes
We are pleased to announce the launch of a new range of Lifetime Tracker products with No ERC for standard and specialist ranges. With rates starting from 5.24% and rental calculation available at the higher of payrate or a stress rate of 7.25%. These products also include some new additions to the range which include options for Holiday Let, Expat and Large HMO/ MUB borrowers.
Also, due to the popularity of our 2-year discount tracker product for our standard & specialist range with rates starting from 4.29%, we are pleased to announce the launch of options for Holiday Let, Expat and Large HMO/ MUB borrowers, coupled again with No ERC which gives the flexibility to exit the deal without penalty with rates from 4.94%.
Product changes
- All existing Lifetime Tracker products with 2- and 5-year ERC are to be withdrawn
- Removal of the 80% LTV option for our 2 year Stepped Discount Tracker product
- All other 2 year Stepped discount products remain unchanged
- Launch of New Lifetime Tracker products with No ERC with rates from 5.24%
- New Lifetime Tracker and Stepped Discount products with No ERC will be available for Holiday Let, Expat and Large HMO/ MUB cases with rates from 4.94%
Criteria Changes
- Debt Service Cover Ratio (DSCR) for new submissions will change to the following:
– Short term fixed or variable rate products – based on the higher of a stressed rate of 7.25% (previously 5.75%) or payrate
– 5 year or longer fixed rates will remain stressed at payrate - Maximum loan size now £1,500,000 (available at 75%)
- Maximum loan to value now 75% across range
- New build properties or properties converted in last 12 months now restricted to 70% loan to value
- Minimum property value now £150,000