West One Loans has cut rates across its residential mortgage and second charge ranges and made a number of new enhancements to its residential criteria.
The specialist lender has made rate cuts to its residential offering by up to 65 basis points on two and five-year fixed rate products, offering LTVs up to 95%.
The updated mortgage range now includes five-year fixed rates available from 5.89% and two-year fixed rates from 5.99%.
West One has also cut rates on its second charge products by up to 64 bps. Two and five-year fixed rates now start at 6.89% and 6.39% respectively.
The lender has introduced new options to its fee assisted product range, allowing for a valuation refund for purchases at 90 and 95% LTV, a change designed to help home movers and first-time buyers.
West One has also unveiled a new dual representation service for its shared ownership cases, made available exclusively though its appointed legal partner, and offers reduced rates that now start from 6.44% with products available up to 100% loan to share value.
Furthermore, West One has reduced its minimum income threshold for interest-only borrowers to £15,000 on loans up to 75% LTV and with downsizing accepted as a repayment strategy.
New enhancements have also been made to the specialist lender’s second charge product offering. These include process changes whereby applications can now be submitted digitally, removing the requirement for physical application forms to be submitted. In addition, West One has introduced desktop valuations to offer a faster alternative to a full valuation, applicable to loans up to £100,000 on LTVs at 65% or under.
Marie Grundy, managing director of residential mortgages and second charges at West One Loans, said: “We’re pleased to announce these meaningful rate reductions across both our residential and second charge products, complemented by these new enhancements to our criteria and underwriting process. They reflect our commitment to offer competitive, tailored solutions that focus on improving our accessibility whilst also meeting the evolving needs of brokers and borrowers.”
Paul Huxter, head of intermediary sales and distribution, commented: “We’ve spent the past 12 months working hard to enhance our products, ensuring that we continue to offer best-in-class solutions that allow for brokers to have the best tools at their disposal to directly address the needs of today’s borrowers. These new changes reflect that effort completely.”
Pauline Rylands, head of specialist distribution, added: “Broadening the catch of clients that brokers can deliver value to is crucial to us at West One. These new rates and enhancements only expand on that priority, helping to bridge the gap between the needs of borrowers and the solutions we supply.”
