Important Product & Criteria Changes
We have some exciting news about changes to our product pricing and credit criteria product ranges available from 24th January 2022. The revised product range will be available for selection on our broker portal from this date.
A summary of the changes is noted below:
Product changes
- A new 75% LTV limited edition, 5-year fixed payrate, £200k – £1m max loan size product being added to our Standard W1 range with 3 loans maximum per applicant – priced at 2.99% with a 1.5% fee.
- A new 75% LTV Small HMO limited edition, 5-year fixed payrate, £750k max loan size product being added to our Specialist W1 range – priced at 3.29% with a 1.75% fee.
- A new 75% LTV Large HMO limited edition, 5-year fixed payrate, £200k min loan size product being added to our Specialist W1 range – priced at 3.74% with a 1.75% fee.
- Reduced pricing on selected W1 standard range by up to 10 basis points – rates start from 2.99% with 1.5% fee.
- Reduced pricing on selected W1 (Specialist HMO/MUB) range by up to 15 basis points – rates start from 3.34% with 1.5% fee.
- Reduced pricing on our 80% LTV Products on our W1 Standard Range with rates starting from 3.89% with 1.5% fee.
- Short Term Let and Expat Products – reduced pricing by up to 15bps, short term lets rate now 3.94% with 2% fee, Expat price starting from 3.64% with a 2% fee.
- A new 65% LTV Expat 5-year fixed payrate product priced at 3.64% with a 2% fee.
- A new 75% LTV Green Product range, being added to our Standard W1 range with rates from 2.94% with a 1.25% fee.
- Current W2 products withdrawn and repriced with rates starting from 3.64% with 1.50% fee.
Criteria Changes
- Loan size maximum increased on Core Standard W1 product range for loans now up to £2m on a single asset at up to 75% LTV (Loans above £1.5 million on referral only and bespoke rates may apply) – W2 maximum loan sizes remain unchanged.
- Portfolio lending up to £10m per borrower (more than 20 applications or £3m lending by referral and bespoke rates may apply).
- Leasehold Block exposure increased to 20 units with 100% exposure possible – block discount on valuation will be applied for over 6 units (over 6 units by referral and bespoke rates may apply).
New Product Guide
An updated product guide incorporating these changes is available here.
Pipeline Cases
Products being withdrawn will be unavailable for selection from close of business Friday 21st January 2022.
Cases keyed on the portal prior to this will be honoured where required on the current product range, subject to a completed application form and the £150 app fee being received by Thursday 3rd February 2022.
If any of your colleagues would like to register to become an introducer to West One BTL, 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 btlbrokersupport@westoneloans.co.uk.
