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.
Buy-to-Let: Important Criteria Enhancements
We are pleased to confirm some exciting criteria changes which take effect from Monday 15th February. New cases can be submitted through our broker portal from this date.
A summary of the changes are noted below:
Increased borrower exposure limits:
- Maximum exposure limits per borrower increased to £5,000,000 ( please refer above £3,000,000 for pre-submission approval), for borrowers who meet our W1 credit criteria requirements
- Current limits of £1,500,000 will remain where applicants credit profile requires our W2 product range
- Please click here to access our portfolio information sheet to help us assess any large portfolio submissions
- For confirmation of W1 and W2 credit criteria, please see rate cards below.
- We can now consider licensed HMO properties with up to 10 bedrooms. Please refer any larger properties with 7 bedrooms or more for prior approval before submission and we will review on a case by case basis.
- Our current policy of accepting Multi-Unit Freehold Blocks up to 10 units remains in place and we are still able to consider partial MUFB’s where some units have been sold off on long leases
Amended Rate Cards
Rate cards for our full product range, reflecting these changes, are available below:
W1 Standard ( Limited Edition) 5 year Fixed
W1 Specialist ( Semi-Exclusive) Holiday/Short Term Let
W1 Specialist ( Semi-Exclusive) Ex- Pat
Please note we are still maintaining strong service levels during this busy period, and are still able to give your cases a pre-submission review in hours rather than days. Where an application is submitted with basic documents and fees paid, we will endeavour to review and provide an initial needs list within 48 hours. We continue to seek your assistance in submitting quality applications including our minimum packaging requirements using our case submission checklist.
If you have cases to discuss or require any further information on any of these changes please contact your BDM or the broker support team on 0333 123 4556 or email [email protected]
We are always happy to do a virtual training session on all aspects of our proposition, simply let us know and one of our sales team will be in touch.
Portfolio Lending – we are now able to arrange lending up to £5m for clean credit clients (W1 plans). Maximum loan individual loan sizes remain at £1.5m at 65%, £1m up to 75% whilst we still have 80% available up to £250k for single AST purchases.
HMO’s – we can now consider licensed HMO properties with up to 10 bedrooms. Please refer any properties with 7+ bedrooms for prior approval before submission and we will review on an individual basis.
MUFB’s – our policy of accepting Multi-Unit Freehold Blocks up to 10 units remains in place and we are still able to consider partial MUFB’s where some units have been sold off on long leases.