Specialist lender reduces rates on residential, second charge, and BTL products
Specialist lender West One Loans has made significant rate reductions to its residential, second charge, and buy-to-let products.
The lender has repriced its range of fixed rate residential mortgages with rate cuts of up to 64 basis points (bps). Both its two- and three-year fixed rates now start at 6.75%.
West One’s limited edition five-year fixed rates now start from 6.09% up to 75% loan-to-value (LTV) after rate reductions of up to 20bps.
Rate reductions extend to its Prime Plus Flex and Prime Flex plans for applicants wanting to borrow more than five times their income. The rates of these products were slashed by 64bps, with rates starting at 6.99%.
West One’s limited edition cashback products for remortgage borrowers, which the lender launched earlier this month, also had its rates reduced. Rates now start from 6.89% and offers borrowers £500 towards legal fees upon completion.
On its second charge mortgages, the lender has cut its Apex 0 range, which targets borrowers with good credit histories who typically have a high street mortgage, by up to 56bps. Five-year fixes now start from 7.10%, while three- and two-year fixes start from 8.29% and 8.49%, respectively.
Significant reductions were also made on West One’s interest-only large loan products, with five-year fixed rates down by 89bps to 8.10% and two-year fixed rates down by 75bps to 9.49%.
West One has also made further reductions to its fixed rate mortgages for landlords, with both its core and complex fixed rate products getting rate cuts of up to 30bps. Rates now start from 4.49% for a two-year fix and from 5.29% for a five-year fix.
The lender’s W1 limited edition range for both portfolio and non-portfolio landlords has also been repriced. Portfolio landlords – those with more than three properties – can now access a two-year fixed rate from 4.19% and a five-year fix from 4.44% after reductions of up to 16bps. For non-portfolio landlords, rates have been cut by up to 14bps, with equivalent fixed-rate products starting from 4.19% and 5.06%.
“These pricing changes will significantly lower the cost of borrowing for many of our residential and second-charge customers,” commented Marie Grundy (pictured left), managing director of residential mortgages and second charge at West One Loans. “As a lender, we always endeavour to reduce rates quickly whenever we can and are delighted when we are able to make such dramatic changes to our full range of mortgage products.
“Our updated residential mortgage products offer competitive pricing for borrowers who need options outside of the high street, including those with less than a perfect credit rating, older borrowers, and self-employed applicants.
“Meanwhile, our second charge products are a valuable option for high street borrowers who have further borrowing needs, but don’t want to disturb their existing mortgage arrangements, particularly if they are benefitting from a low fixed rate mortgage.”
Andrew Ferguson (pictured right), managing director of buy-to-let at West One Loans, added that it was pleased to finish the year with a series of successive rate reductions after what has been a challenging period for landlords.
“When considered alongside our recent criteria changes, our proposition caters for many of the needs of landlords, big and small,” Ferguson said. “As we head into 2024, we hope the improving economic landscape will have a positive impact on the BTL market and we will be hoping to share more positive news on rates and products in the new year.”
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