It also makes significant changes to lending criteria
In a move to enhance its product offerings, specialist lender West One Loans has made key changes, including a substantial reduction in residential rates and a comprehensive overhaul of lending criteria.
The lender’s residential five-year fixed rates have been reduced to 5.69%, down from 6.09%. Two-year fixes, with rate cuts as high as 100 basis points (bps), now start from 5.99%, down from 6.99%.
With the extensive revamp, it has also introduced a new higher loan-to-value (LTV) product range, extending up to 90% for both remortgage and purchase customers. This marks a notable increase from the previous maximum LTV of 75%.
Named one of Mortgage Introducer’s 5-Star Lenders of 2023, West One has also expanded its maximum loan size from £700,000 to £1.5 million, enhancing the appeal of its range and providing increased flexibility for borrowers based on LTV ratios.
Moreover, it has made its Prime plans and higher loan-to-income plans accessible to first-time buyers for the first time, expanding the array of options available to this demographic. Additionally, the lender has extended its £500 cashback product to include purchase customers, a feature previously limited to remortgage borrowers.
Beyond the residential mortgage adjustments, West One has made substantial improvements to its second charge range, including rate reductions of up to 90bps. This move results in fixed rates starting from 6.59%.
The lender has also reintroduced its 80% and 85% LTV products and extended the maximum loan term from 30 to 35 years for second charge mortgages.
“The changes we have announced significantly enhance our residential range and demonstrate how serious we are about becoming the go-to lender in the specialist end of the market,” Marie Grundy (pictured), managing director of residential mortgage and second charge at West One Loans, commented.
“We launched into residential lending a little over a year ago and in that time, we have significantly overhauled our criteria, consulting with brokers every step of the way. We will keep doing that to ensure our product set is exactly what advisers and their clients want.
“We believe the demand for specialist finance will only grow in the months and years to come, and we want to be the first lender brokers think of when they have a client that doesn’t fit high street criteria.”
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