Brilliant Solutions

West One Update

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 Buy-to-Let Product Changes

We are writing to update you on changes to our Buy-to-Let product range effective from close of business today, Friday 23rd June 2023. The revised product range will be available for selection on our broker portal from Monday 26th June 2023.

Please note that we are increasing fixed rates across our entire product range.

Product changes
  • Limited-Edition Standard W1 Five-year fixed from 5.54%
  • Limited-Edition Specialist W1 Fve-year fixed from 5.59%
  • Limited-Edition Standard W1 Two-year fixed from 5.70%
  • Limited-Edition Specialist W1 Two-year fixed from 5.75%

All other fixed rate products increased by 10-35bps.

All existing fixed rate products withdrawn with effect from close of business Friday 23rd 2023. Tracker products will remain available.

All tracker products have increased by 50bps following the Bank Base Rate rise announced by the Bank of England, Thursday 22nd June 2023.

New Product Guide

An updated product guide incorporating these changes is available here.

Download Product Guide >>

Pipeline

Where a product rate has increased the case needs to be offered by close of business Monday 24th July 2023. 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.

Please note the offer deadline dates of 3rd and 13th of July still apply to previous product withdrawals prior to this (if in any doubt regarding the offer deadline for your current case, please communicate with the underwriter).

Registration 

If any of your 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 123 4556 or email [email protected].

Important Update – SVR Increase Notification

Following yesterday’s announcement by the Bank of England of a further rise in interest rates, we will be increasing our standard variable rate by 0.50%.

Standard Variable Rate Increase

Our standard variable rate will increase from 4.75% to 5.25% with immediate effect, and as a result the rates of interest applicable to our variable rate products have been updated in our broker portal. 

  • 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 rate which must be sent to the borrower(s) prior to completion.

An updated product guide to reflect our new SVR will be available from next week. 

Important Second Charge Product Update: Notification Of Increases To Our Second Charge Fixed Rate Pricing

Following further increases in interest rates, we are notifying you that we will be increasing the interest rates on our second charge fixed rate products with effect from Wednesday 28th June 2023. 

Our current fixed rates will be withdrawn by close of business on Tuesday 27th June 2023.

Further details can be found in our updated product guide below:

Updated Product Guide >>

Pipeline Cases

We can continue to accept applications on our existing product range providing the application is submitted with a valid ESIS and the offer is issued by Thursday 27th July. If any subsequent changes are made to the application which will require a new ESIS to be issued, this will need to be selected from our new product range.

We do recommend you submit your application at the earliest opportunity to avoid disappointment.

Second Charge Mortgage LTV Changes

To reflect the current outlook for the UK economy we are temporarily restricting our LTV’s to 75% within our Apex 0 range.

Our updated product guide can be accessed below dated 28th June 2023 (Version 1.2).

Updated Product Guide >>

Pipeline Cases

We are committed to working with you to provide a smooth transition for pipeline cases whilst adopting a prudent lending approach in the current economic climate.

Cases not yet submitted

We can accept applications for cases above 75% LTV, provided a fully packaged application form (accompanied by a valid ESIS) is submitted by Friday 7th July and the offer is issued by Thursday 27th July.

Cases currently at underwriting stage

We can continue to process existing applications above 75% LTV provided the offer is issued by Thursday 27th July 2023.

Regrettably, we will not be able to issue offers for applications over 75% LTV beyond 27th July

Please contact our broker support team should you have any questions or need assistance with an ongoing application. 

Important Buy-to-Let Criteria Changes

We are writing to update you on changes to our Buy-to-Let criteria that come into force with immediate effect.

A summary of some of the changes are noted below:

Variable or less than 5-year fixed rate rental calculation will be based on the higher stressed rate of 7.50% or pay rate, up from a  previous stress rate of 6.75%

Any new cases received will now be calculated based on this new stress rate.

New Product Guide

An updated product guide incorporating these changes is available here.

Download Product Guide >>

Pipeline

Any pipeline cases which are at application received stage will be unaffected by this change and will proceed based on the previous stress rate of 6.75%.

Please note that any cases keyed on the portal where we have not received the application form will now be stressed at the new rate. You will now need to revisit this case to determine what is available.

Registration 

If any of your 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 123 4556 or email [email protected].

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