Great news that we announced today on our BTL rates & criteria. Here’s a summary of the changes:
Rate reductions
- We have made reductions across the entire BTL range of up to 0.45%, the products will be available on the portal today by close of business.
- We have a range of products that cater from personal name and limited companies applications for Standard property types, all the way through to Specialist properties, including HMO’s, MUB’s & Holiday lets, to Complex borrowers including Expat, Foreign nationals and First time buyers all available on properties located in England, Wales and Scotland!
AVM
- The introduction of AVMs being used on our Standard Limited Edition range products to save the need for a full internal valuation. This is available on remortgages up to £500k to 65% LTV (other criteria applies).
- Submit the case as usual to underwriting by uploading the signed application form and making payment of the £199 application fee. Once in underwriting the AVM will be run straight away and if the case meets criteria we will let you know. In the event the AVM doesn’t pass you have the option to go ahead with a full valuation or cancel the case and get the £199 refunded.
Stress Rate
- We will be reducing the stress rate to 6% for our 2 year fixed and variable products. 5 year fixed deals are still stress at payrate, with rates starting from 4.24%.
Product Transfer Page
- We have formally launched our Product Transfer page on the website following a successful pilot. Now you can find all the information you might need in one place, including PT rates, the authority letter and the details of the process – making life easier when deals come to the end. Don’t forget we will pay 0.3% on PTs!
Payment Link
- We are formally launching the payment link for clients to pay their application and valuation fees online rather than having to call up or do a bank transfer – making the process even easier for clients as they can do this at a time convenient to them.
If you want more information on any of the above or you have cases you want to discuss, please get in touch.
All of the improvements now mean there’s all the more reason to make West One the home for your BTL business as we will still have the same exceptional service levels and flexibility we are known for.
Andrew Shepherd
Regional Account Manager
T | +44 (0)333 1234 556
M | +44 (0)7774 671 857
F | +44 (0)333 1234 557