West One Update

RESIDENTIAL PRODUCT UPDATE – PRIME PLUS 2 & 5 YEAR FIXED RATE CHANGES

We are making some changes to our 2 year and 5 year fixed rate products within our Prime Plus Core Range and Prime Plus Flex range with effect from 12pm on Thursday 25th January.

Updated Product Summary

Prime Plus Core – Standard LTI’s up to 5.0 times income

• 2 year fixed rates will increase to 6.45% up to 75% LTV
• 5 year fixed rates will increase to 5.97% up to 75% LTV

Prime Plus Flex – LTI’s over 5.0 times income 

• 2 year fixed rates will increase to 6.95%
• 5  year fixed rates will increase to 6.45%

Pipeline Cases

We will honour existing pipeline cases providing a valid ESIS has been produced and the application reaches offer stage by Friday 23rd February 2024.

ALL OTHER PRODUCTS REMAIN UNCHANGED

Our latest product guide will be published on our website from 12pm on Thursday 25th January.

Please contact our broker support team if you would like to learn more about our recently enhanced product range including:

• LTV’s up to 90% including capital raising for debt consolidation
• Loan sizes up to £1.5m
• Extended options for first time buyers including LTI’s over 5.0 times income
• Unique approach to affordability maximising borrowing potential
• Fast track remortgage service provided by our on site legal team 

SECOND CHARGE PRODUCT UPDATE – NEW PRICING FROM WEST ONE LOANS

We are making some further product changes including major pricing reductions for higher LTV products and introducing 2 year fixed rates starting from 7.39%.

APEX 0 – PRICING REDUCTIONS

• 2 year rates reduced from 7.59% to 7.39%
• 80% LTV fixed rates now starting from 8.85% (reduced from 9.19%)
• 85% LTV fixed rates now starting from 10.29% (reduced from 11.50%)

APEX 0 – PRICING INCREASES

We are increasing several of our fixed products withing our Apex 0 range up to 75% LTV as follows:

• 5 year fixed rates starting from 6.89%
• 2 & 3 year fixed rates increased within 70% and 75% LTV bandings

The current product range will be available from 12pm Friday 26th January 2024 and our latest product guide is available here:

Updated Product Guide – 26th January 2024

Pipeline Cases

We will honour existing pipeline cases providing a valid ESIS has been produced and the cases reaches offer stage by Friday 23rd February 2024.

BUY TO LET – Important Product & Criteria Changes

We are making changes to our Core and Complex 1st Charge BTL fixed rate product range with effect from close of business today. The revised fixed rate product range will be available for selection on our broker portal from tomorrow, Thursday 25th January 2024.

A summary of some of the changes are noted below:

Product changes highlight

Increases on rates across the Core and Complex product ranges of up to 35bps.

• 2 year fixed W1 – increases of up to 35bps, rates starting from 2.79%
• 5 year fixed W1 – increases of up to 35bps, rates starting from 4.34%

Please note an updated product guide will be available shortly.

New products available in the standard and specialist ranges:

• New products introduced with 7.00% fee at 70% LTV on 2 and 5 year fixed
• New 9.99% fee version of 2-year and 5-year fixed rates now available

Improved rates and criteria on W2 product ranges:

• 5 year fixed W2 – reductions of 15bps, rates starting from 5.94%
• New 75% LTV banding on W2 products, increased from 65%

A wide range of fee options available which are product specific ranging from 2.50% to 9.99% which provides your clients with choice depending on their individual circumstances.

Complex fixed rate products also increased by 30bps with rates starting from 5.09% on 2-year fixed and 5.39% on 5-year fixed 

As a reminder our complex range includes Large HMO/MUB, Holiday Let, Expat and the new First Time Buyer and Foreign National.

Criteria changes

New Product Guide

An updated product guide incorporating these changes is available here. 

View Updated Product Guide

Pipeline

Please note, current submissions on our  Core and Complex range need to be offered by close of business Wednesday 6th March 2024. In order to meet this deadline, it is advisable to ensure the application, along with application and valuation fees, are submitted promptly so the case can begin the underwriting process.

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 within 2 hours
• Submitted Applications – fully underwritten and updated within 24 hours

Registration

If any of our colleagues would like to register to become an introducer to West One Buy-to-Let, please provide them with this link: Register as an introducer

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 1234 556 or email: [email protected].