Wednesday, February 28, 2024
Finance

West One Loans cuts rates, announces criteria changes

property loans

The specialist lender’s residential five-year fixed rates now start from 5.69%, down from 6.09%, while its two-year fixes start from 5.99%, down from 6.99%

West One Loans has cut its residential mortgage rates by up to 100 bps and announced a number of criteria changes.

The specialist lender’s residential five-year fixed rates now start from 5.69%, down from 6.09%, while its two-year fixes start from 5.99%, down from 6.99%.

As part of the overhaul, West One has also introduced a new higher loan-to-value product range offering products up to 90% LTV for both remortgage and purchase, with rates starting from 6.55%. Earlier its maximum LTV was 75%.

Furthermore, the specialist lender has more than doubled its maximum loan size from £700,000 to £1.5 million and has also opened its prime plans and its higher loan-to-income plans to FTBs for the first time.

Moreover, West One has extended its £500 cashback product to purchase customers, whereas earlier it was only available to remortgage borrowers.

As well as overhauling its residential mortgage range, the lender has also made several enhancements to its second charge range, including cutting rates by up to 90 bps, meaning its fixed rates now from 6.59%, reintroducing its 80% and 85% loan-to-value products, and increasing its maximum loan term from 30 to 35 years.

Marie Grundy, MD of residential mortgage and second charge at West One Loans, commented: The changes we have announced today considerably enhance our residential range and show how serious we are about becoming the go-to lender in the specialist end of the market.

She said: We launched into residential lending a little more than a year ago and in that time, we have significantly overhauled our criteria, consulting with brokers every step of the way. We will keep doing that to ensure our product set is exactly what advisers and their clients want.

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