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 Pricing Changes
We are making pricing changes to our 1st Charge BTL fixed rate product range. The existing product range of 2 year fixed rate and 5 year fixed rate products noted below *will be withdrawn at close of business today (Tuesday 8th October). The revised fixed rate product range will be available for selection on our broker portal from Wednesday 9th October 2024.
The changes affect our Limited Edition, Standard, Specialist, and Complex product ranges.
A summary of some of the changes are noted below:
Pricing changes:
- Introduction of 1% fee option on 2 year fixed and 5 year fixed rate products for Standard Core, Specialist Small HMO/MUB, Above or Next to Commercial and Complex Large HMO/MUB
- *Rate increases on all Limited Edition range
- *Rate increases on all 5-year fixed rate products and 2-year fixed rate products with a 4.99% fee and 2.50% fee on the Core range
- 2-year fixed rates now starting from 2.34%
- 5-year fixed rates now starting from 4.11%
A wide range of fee options, which now include the 1% fee option, are available across the product range. Fees are product specific, ranging from 1.00% to 9.99% which provides your clients with choice depending on their individual circumstances.
New Product Guide
An updated product guide incorporating these changes is available here.
Pipeline Management
In order to qualify for the existing product range, cases must be keyed on the portal and DIP generated by close of business today, Tuesday 8th October 2024 and be offered by 5pm on Friday 15th November 2024. In order to meet this deadline, please ensure cases are progressed to underwriting as promptly as possible, including a signed application form and application and valuation fees paid.
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 48 hours
Registration
If any of your colleagues would like to register to become an introducer to West One BTL, please provide them with this link:
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 123 4556 or email [email protected].