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
Second Charge Product Update – SVR Reduction Notification
Following the announcement by the Bank of England of a reduction in interest rates, we will be reducing our standard variable rate by 0.25%.
Standard Variable Rate Reduction
Our standard variable rate will reduce from 5.25% to 5.00% with immediate effect. Our reduced SVR tracker products will be available for selection in our broker portal.
- Cases not yet offered – We will require you to issue a new ESIS to reflect the new rate of interest and the reduced monthly payment.
- Cases offered but not yet completed – We will issue you with a letter which will include the revised monthly payment and new interest rate which must be sent to the borrower(s) prior to completion.