It also joins PRIMIS' panel of residential lenders
Specialist lender West One Loans has made rate reductions across its range of fixed rate mortgages for landlords.
The lender has reduced rates on its core product range by up to 40 basis points (bps) while rates on its limited edition range have been cut by up to 24bps. The biggest reduction on the core range has been made to its two-year fixed rate W1 product, with rates now starting from 4.74%.
Also priced down were West One’s W1 five-year fixed rate by 35bps to 5.54% and its equivalent W2 product rate has been reduced to 6.74%.
There has also been changes to its complex range with reductions of up to 35bps on its holiday let two- and five-year fixed rate products, which now start from 5.84%. Rates across the W1 limited edition range were also cut.
📢 We have some amazing updates to our Buy-to-Let products and criteria that you won't want to miss out on! Check our product guide: https://t.co/gmuQpaQMTf
— West One Loans (@westoneloans) November 14, 2023
*For Intermediaries Only#WestOneLoans #BuyToLetMortgages pic.twitter.com/NEJlP0tNZt
Both of its two-year fixed rate products for portfolio and non-portfolio landlords – those with three or less properties – have been cut by 24bps and now start from 4.29% and 4.97% respectively. The lender’s equivalent five-year fixed rate products have been reduced by 20bps, with the headline pay rate product now priced at 4.58%.
The reductions follow last week’s announcement by West One that it had opened its buy-to-let range to more borrowers – foreign nationals and first-time buyers – as part of a wider revamp of its criteria.
“We are making significant reductions right across our range as we pass on lower borrowing costs to brokers and their clients,” stated Andrew Ferguson (pictured), managing director of the buy-to-let division at West One Loans. “It’s always pleasing to be in a position to make rate cuts and to be able to offer landlords a more competitive range of lending options.
“Naturally, pricing is part of our offer, and we endeavour to provide the best rates whenever possible, but it’s important that we also combine a first-class service, compelling set of criteria and a common sense and pragmatic approach from experienced underwriters. The series of changes that we have made over the past week puts us in a strong position to reach more brokers and to support more landlords in finding the right solution for them.”
Meanwhile, West One has also announced its addition to the panel of residential lenders of PRIMIS Mortgage Network.
The partnership will provide PRIMIS appointed representatives access to West One’s full range of specialist residential mortgage products.
The mortgage network, which is one of the largest in the UK, is the latest distributor to partner with West One since it launched into the owner-occupied market in October last year.
“We are delighted to have the opportunity to be working with our major network partner PRIMIS and their members, who will now have access to our full range of residential mortgage products,” said Marie Grundy, managing director of residential mortgages at West One Loans.
“We place enormous emphasis on delivering a compelling proposition to meet the changing needs and preferences of borrowers who need options outside of mainstream lending solutions. Our partnership with PRIMIS is an important next step in our journey, offering specialist mortgage finance to a wider range of mortgage customers.”
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