Changes to our BTL product range
Dear Broker Partner
I am writing to update you on some changes to our BTL product range which will apply with immediate effect. An update on valuations is also included within this brief.
These changes allow us to responsibly support our broker partners and clients through these unprecedented times.
Product Changes
– We are relaunching a range of products at 70% Loan to value, subject to some specific parameters:
– Maximum loan size of £250k
– Maximum property value of £400k (£300k for flats)
– Our 65% range will still cater for loans up to £750k, but subject to revised product pricing.
– Updated rate cards will be issued on Monday as well as being available on our website.
Valuations Update
We are very pleased to announce that physical valuation inspections are to recommence from Monday 18th May. Any valuations which have been paid for can now proceed, so if you have not already done so can you please confirm with your case underwriter that you would like the inspection to take place.
In order to conform with “Working safely during COVID-19 in other people’s homes – Guidance for employers, employees and the self-employed” issued by HM Government on 11th May 2020 a number of conditions will need to be met before the inspection is able to take place. These conditions will be outlined by the panel valuation firm with your client as part of the inspection booking process.
We will also return to our Valuation assessment being based on the Open Market Value (as opposed to the 180 day value) of the property for buy to let cases, unless there are any concerns on specific properties picked up during underwriting. Please note only new cases submitted on our revised product plans will be assessed on this basis.
Pipeline Processing
– Non-Offered pipeline cases can proceed on an old product where an application has already been submitted to West One along with relevant fees.
We hope you, your teams and loved ones are keeping safe and well at this time and thanks for your continued support.
Our broker support team, relationship managers and myself are on hand should you need our support with any queries you may have.
Best wishes
Andrew Ferguson
Manager Director, Buy-to-Let
West One Loans
T | 020 8736 2297
E | btlbrokersupport@
