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
Important Product Changes
Please note that our Buy to Let fixed rate products are withdrawn with immediate effect. A revised product range will be announced in due course once market fluctuations stabilise.
Our variable rate products remain available on our broker portal for any new case submissions. Following the 0.50% Bank Base Rate rise announced by the Bank of England on Thursday 22nd September 2022, moving the rate from 1.75% to 2.25%, the interest rates on our lifetime tracker and stepped discount products are increasing in line with this.
A summary of the changes below:
Product changes
- Standard Range – Lifetime tracker range with 2 or 5-year ERC, with loans available from 65% up to 80% LTV – priced from 4.64% with a 1.75% fee.
- Specialist Range – Lifetime tracker range with 2 or 5-year ERC, with loans available from 65% up to 75% LTV – priced from 4.89% with a 2% fee.
- Standard Range – 2 year Stepped Discount range, with loans available from 65% up to 80% LTV with no ERC – priced from 4.29% with a 2% fee.
- Specialist Range – 2 year Stepped Discount range, with loans available from 65% up to 75% LTV with no ERC – priced from 4.54% with a 2% fee.
Notification of SVR Increase
Following last week’s announcements by the Bank of England of a further rise in interest rates, we will be increasing our standard variable rate by 0.50%.
The changes will take effect from Thursday 29th September 2022.
Standard Variable Rate Increase
We will be increasing our standard variable rate from 2.00% to 2.50% with effect from Thursday 29th September 2022 and as a result, the rates of interest applicable to our variable rate products will also increase with effect from this date.
- Cases not yet offered – We will require you to issue a new ESIS to reflect the new rate of interest and the increased 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 which must be sent to the borrower(s) prior to completion.