New option offers lower rates across the lender's Prime Plus, Prime, and Near Prime products
Specialist lender West One Loans has unveiled a new 65% loan-to-value (LTV) tier with lower rates, enhancing its residential mortgage offering.
The 65% LTV option is available across the lender’s Prime Plus, Prime, and Near Prime products, featuring reduced pricing for both fixed rate and lifetime tracker deals.
The new tier includes five-year fixed rates starting at 5.87% and two-year fixed rates at 6.35%, which is 10 basis points lower than the lender’s existing 75% LTV range.
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The Watford-based lender has also cut its 80% LTV rates by up to 38 basis points and introduced a new range of lifetime trackers beginning at 2.3% above the bank base rate.
It has also rebranded its “flex” range, offering loan-to-income (LTI) ratios of five times income or more, to “LTI Boost” to better highlight its benefits to brokers.
In a separate move, West One has reduced its second charge rates by up to 90 basis points and introduced a new range of 60% LTV second charge products, including an SVR lifetime tracker and two, three, and five-year fixed options. These second charge products now start from 6.74%.
Earlier this month, the lender restructured its residential and second charge sales team and launched a major recruitment drive to gain market share in the specialist residential market.
“Earlier this month, we announced ambitions to significantly expand our footprint in the specialist residential market, and this is a continuation of that plan,” said Marie Grundy (pictured), managing director of residential mortgages and second charges at West One Loans. “We have been working closely with brokers to find areas where we can improve our range, hence why we have introduced a new 65% LTV tier with lower pricing.
“The introduction of this new tier, alongside our other rate reductions, gives brokers and lenders greater choice and at lower rates. We believe it also significantly strengthens our proposition. But this is just the start for us. We have some extremely exciting plans for our residential division to announce to brokers and the wider market over the coming weeks and months.
“Given how closely we have worked with brokers on our recent changes – and those we have in the pipeline – we believe we are developing a range that will provide one of the most comprehensive product offerings in the specialist lending market.”
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