The Platinum range includes fixed rates starting from 5.45%
Specialist lender West One Loans has launched a new range of residential mortgages with rates up to 94 basis points lower than its existing product set.
The lender’s new Platinum range has five- and two-year fixed rates starting at 5.45% and 5.59%, respectively – 79 and 90 basis points lower than equivalent products in its existing ranges.
The Platinum range also offers trackers starting at 6.3%, which is 94 basis points less than West One’s cheapest equivalent product.
The new range is available to first-time buyers, home movers, and remortgage customers, and sits alongside the lender’s existing Prime Plus, Prime, and Near Prime product sets.
❗We have gone Platinum ❗
— West One Loans (@westoneloans) April 18, 2023
From today, intermediary partners can access our brand new range of residential mortgage products offering our lowest ever rates.
Our #Platinum range is designed to help borrowers who need options outside of the high street.
*For Intermediaries Only pic.twitter.com/qBYukRwe0B
The Platinum range has its own lending criteria, including:
- Maximum loan size of £1 million, and a maximum of £500,000 for unencumbered properties
- Maximum loan-to-value (LTV) of 70%
- Maximum loan to income ratio of 4.5 times the income
- Interest only available up to 65% LTV
- Mortgage or secured arrears - none in last 12 months, allowing for one missed payment in the last 24 months
- County court judgments (CCJs) and defaults - none in 24 months.
The launch follows West One’s recent decision to switch from percentage-based fees to a flat-fee structure for its residential ranges – a move expected to benefit the vast majority of borrowers with arrangement fees fixed between £995 and £2,995, depending on the loan size.
West One also recently slashed its second charge rates by up to 49 basis points, which meant that it now offers second charge rates from 7.45%.
The lender launched into the residential market for the first time in October last year, with a range of products aimed at helping borrowers likely to be turned down by high street lenders.
“We’re absolutely thrilled to be able to launch such a highly competitive new range of residential deals so quickly after launching into this area of the market,” Marie Grundy (pictured), managing director at West One’s residential and second charge divisions, said. “We’ve spent the past few months fine-tuning our criteria and making sure that it delivers on our promise to help those who are underserved by the high street.
“We’re confident it does but with the launch of this new range, we now have a pricing proposition that is a match for anything in the specialist residential market.
Grundy added that West One – which also recently reported a robust 2022 performance with short-term lending, development finance, and bridging completions all posting record numbers – was able to offer such pricing because it has a strong and diverse funding network.
“Our investors have confidence in our ability to lend prudently and at scale,” she stated. “We are very happy with what we have achieved in our first seven months in the residential space, but we have ambitions to rapidly grow our market share.”
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