Updated West One Buy-to-Let Criteria and Products
I am pleased to announce our new enhanced BTL product range will be available for selection from Tuesday 27th October 2020. Rate reductions of up to 0.25% apply, with rates now starting from 3.34%.
- Our new products are named W1 & W2. The W1 range is for clients with clean credit profiles. Our new W2 products will mirror our existing Apex 0 products which will be retired and replaced.
- Our new W1 plan has adverse criteria as detailed below:
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- No defaults or CCJ’s registered in the last 72 months – including those which have been satisfied
- No mortgage/secured arrears in the last 36 months
- Unsecured loans – No arrears in the last 36 months
- No Bankruptcy/IVA, current or previous
- No payday loans, current or previous
- No DMP, current or previous
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- The adverse criteria for W2 will mirror the previous Apex 0 product – see attached rate cards
- We are increasing our maximum single loan size to £1,500,000 at 65% LTV and £1,000,000 up to 75% on both Standard and Specialist W1 & W2 plans
- Maximum borrower exposure increased from £1,000,000 to £1,500,000
- Maximum loan term has been reduced to 25 years ( Previously 30 years)
Ex-pats are to be withdrawn from Specialist range along with Holiday lets, which were withdrawn last month. We are currently reviewing our proposition in these areas and will revert in due course.
Please see below our updated product rate cards for these products:
W1 – Standard
W1 – Specialist
W2 – Standard
W2 – Specialist
A new lending criteria guide will be available shortly.
Pipeline cases:
All Limited Edition products and Ex-pat availability will be withdrawn at close of business on Monday 26th October. Cases keyed on the portal prior to this will be honoured where required on the current product range, subject to minimum application requirements and the £150 app fee being received by close of business on Monday 9th November 2020.
As a reminder, we continue to lend to specialist landlords across a broad range of needs, including HMO and Multi Unit Blocks to both individual and Limited Company borrowers.
If any you have new business enquiries or referrals you would like to discuss, please contact your BDM or the broker support team on 0333 123 4556 or email btlbrokersupport@westoneloans.