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
New Limited Edition 5-year and 2-year fixed rate products – Considerations for comms
As on this morning (19th Jan )West One you regarding the launch of new Limited Edition 5-year and 2-year fixed rate products for Standard and Specialist borrowers for loans up to £1m. The products have lower rates and higher arrangement fees; they are likely to help borrowers who need to maximize loan size and affordability.
Please see a summary of the changes below:
Product Changes
- New Limited Edition 5-year fixed W1 Standard with rates starting from 5.09% with 4.99% fee
- New Limited Edition 2-year fixed W1 Standard with rates starting from 5.20% with 3.50% fee
- New Limited Edition 5-year fixed W1 Specialist with rates starting from 5.29% with 4.99% fee
- New Limited Edition 2-year fixed W1 Specialist with rates starting from 5.35% with 3.5% fee
Criteria Change
Please note that our minimum property value has been reduced from £150k to £125k on all property types with immediate effect.
Buy-to-Let: Important Product Changes
DSCR is the number one challenge facing the BTL market. Base rate rises coupled with market volatility have shifted rates upwards of 5.5%. Average yields in the market are 5.4%, with yields in the southeast closer to 3%. Many properties are unable to leverage historic levels of borrowing, leaving many high-quality borrowers underserved with options. Borrowers are therefore left with limited options upon product maturity other than accept high reversion rates or inject personal cash into the transaction to facilitate the remortgage.
In order to help you and your clients meet this challenge we are introducing a range of 100% DSCR 5-year fixed products to finance the Purchase or Remortgage of Standard or Specialist property.