It also reduces rates across its second charge mortgage range
Specialist lender West One Loans has introduced a range of lower-priced Prime Plus limited edition five-year fixed rates.
The lender’s new Prime Plus limited edition five-year fixed rates start from 6.29% up to 75% loan-to-value (LTV), offering rates which are lower by up to 60 basis points (bps).
West One’s Prime Plus range, open to first-time buyers, home movers, and remortgage customers, is available to borrowers who may have satisfied county court judgment (CCJs) and defaults, unsatisfied CCJs and defaults under £500, as well as allowing missed or late unsecured credit payments with a maximum status of one in 12.
The lender has also introduced a new range of limited edition Prime Plus cashback products for remortgage borrowers, with rates starting at 6.89%. The cashback deal gives borrowers £500 towards legal fees upon completion.
It has also launched a new Prime Plus Flex five-year fixed rate, for those intending to borrow more than five times their income, starting at 6.99% up to 75% LTV.
Meanwhile, West One has also made rate reductions across its second charge mortgage range.
It has slashed its Apex 0 range – designed for borrowers with good credit histories who typically have a high street mortgage – by up to 34bps. Five-year fixed rates now start at 7.65%.
Also repriced were two- and five-year fixed rates within its second charge buy-to-let mortgage range. The rates were cut by up to 64bps, with rates now starting at 8.89%.
“There is a still a lot of uncertainty surrounding the future path of interest rates, and so we are seeing strong demand for our five-year fixed rate mortgage products,” said Marie Grundy (pictured), managing director of residential mortgages and second charge at West One Loans.
“These new rate reductions will offer highly competitive pricing for borrowers who need options outside of the high street at a time when they most need it.
“We know there are plenty of people out there who have a less-than-perfect credit record but who remain a good credit risk. We want to provide a range that offers a genuine option to anyone in this position.”
Also commenting on West One’s second charge rate reductions, Grundy said the huge rise in the number of residential product transfers had also created increased demand for second charge loans.
“Product transfers are becoming increasingly popular for borrowers reaching the end of their current mortgage deal, but they don’t allow for additional borrowing,” she added. “Therefore, there will be a huge number of borrowers out there with additional borrowing needs for whom a second charge loan makes sense.
“After reducing our rates, now they can do so for a cheaper monthly outlay without disturbing their existing mortgage arrangements.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
