Wednesday, February 21, 2024
Finance

West One Loans cuts mortgage rates

mortgage rates

The specialist lender has cut its range of fixed rate residential mortgages by up to 64 bps with both its two and three-year fixed rates now starting at 6.75 per cent

West One Loans has announced a number of rate cuts across its residential, second charge and BTL products.

The specialist lender has cut its range of fixed rate residential mortgages by up to 64 bps with both its two and three-year fixed rates now starting at 6.75 per cent.

In the meantime, West One’s limited-edition five-year fixed rates will start from 6.09 per cent up to 75 per cent LTV, providing rate cuts of up to 20 bps.

It has also reduced its Prime Plus Flex and Prime Flex plans for applicants wanting to borrow more than five times’ income by 64 bps, with rates starting at 6.99 per cent.

There has also been pricing enhancements to its limited edition cashback products for remortgage borrowers, which West One launched earlier this month. The range starts from 6.89 per cent and offers borrowers £500 towards legal fees upon completion.

Apart from this, West One has also made considerable rate cuts to 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 56 bps.

It means that its five-year fixed rates now start from 7.10 per cent, while its three and two-year fixed rate products start from 8.29 per cent and 8.49 per cent respectively.

Plus, there has been sizeable reductions made to West One’s interest-only large loan products, with its five-year fixed rates down 0.89 per cent to 8.10 per cent and its two-year fixed rates down 0.75 per cent to 9.49 per cent.

West One is also making further cuts to its fixed rate mortgages for landlords.

Both its core and complex fixed rate products have been reduced by up to 30 bps with rates now starting from 4.49 per cent for a two-year fix and 5.29 per cent for a five-year fix.

There have also been changes to West One’s W1 limited edition range for both portfolio and non-portfolio landlords.

The former – landlords with more than three properties – can now access a two-year fixed rate from 4.19 per cent and a five-year fix from 4.44 per cent, after reductions of up to 16 bps.

Non-portfolio rates have been reduced by up to 14 bps, with equivalent fixed-rate products starting from 4.19 per cent and 5.06 per cent.

Marie Grundy, MD of residential mortgages and second charge at West One Loans, said: These pricing changes will considerably lower the cost of borrowing for many of our residential and second charge customers.

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, Grundy said.

Grundy added: 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.

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