"We have been working closely with brokers to find areas where we can improve our range, hence why we have introduced a new 65% LTV tier with lower pricing."
- Marie Grundy, managing director of residential mortgages at West One
West One Loans has introduced a new 65% LTV tier in its residential mortgage range.
The new 65% LTV option is available across the lender’s prime plus, prime and near prime ranges and offers lower pricing across its fixed rate and lifetime tracker deals.
The new tier has five-year fixed rates starting at 5.87% and two-year fixes at 6.35%, which is 10 basis points less than the lender’s existing 75% LTV range.
Meanwhile, West One has reduced its 80% LTV rates by up to 38bps and introduced a new range of lifetime trackers starting at 2.30% above Bank Base Rate.
It has also rebranded its 'flex' range, which offers LTI ratios of 5 times income or more, to 'LTI Boost' to make it clearer to brokers what the benefits of the range are.
Separately, the lender has cut its second charge rates by up to 90bps and introduced a new range of 60% LTV second charge products, including an SVR lifetime tracker and two, three and five-year fixes. Its second charge rates now start from 6.74%.
Earlier this month, the lender restructured its residential and second charge sales team and announced a recruitment drive. West One says it also plans to announce several other significant product and criteria changes over the coming weeks and months.
Marie Grundy, managing director of residential mortgages and second charges at West One Loans, said: “Earlier this month we announced ambitions to significantly expand our footprint in the specialist residential market, and this is a continuation of that plan.
“We have been working closely with brokers to find areas where we can improve our range, hence why we have introduced a new 65% LTV tier with lower pricing.
“The introduction of this new tier, alongside our other rate reductions, gives brokers and borrowers greater choice and at lower rates. We believe it also significantly strengthens our proposition.
“But this is just the start for us. We have some extremely exciting plans for our residential division to announce to brokers and the wider market over the coming weeks and months.
“Given how closely we have worked with brokers on our recent changes – and those we have in the pipeline – we believe we are developing a range that will provide one of the most comprehensive product offerings in the specialist lending market.”
