West One increases LTV’s and reduces trackers by up to 0.20%

West One Loans has cut rates by up to 0.20% on all lifetime trackers in its Platinum range.

The specialist lender’s lifetime tracker range now starts at base rate plus 2.00%.

In addition, West One has increased its maximum loan-to-value (LTV) from 70% to 75% for all its ‘Platinum’ products, including its trackers, 2- and 5-year fixed-rate products. 

At the same time, it has reduced the number of LTV bands in its Platinum range from five to two to make the range easier to navigate. Products are now available up to 55% and 75% LTV. 

Marie Grundy (pictured), managing director of West One’s residential mortgage and second charge divisions, said: “We have made a series of adjustments to our unique ‘Platinum’ range to further enhance the competitiveness of our residential mortgage range.

“In order to deliver on our promise to help borrowers underserved by high-street lenders, we will continue to fine-tune products in response to customer needs and market changes.”

West One first launched into the residential market last year and expanded its offering in April with the introduction of its Platinum products.

The range has its own unique criteria, which includes a maximum loan size of £1m (Max £500k for unencumbered properties), a maximum LTV of 75%, and a maximum loan-to-income (LTI) of 4.5 times income.

West One also recently announced the decision to introduce new flat-fee structure in replace of its previous percentage-based model. 

The change benefits the majority of borrowers with arrangement fees fixed between £995 and £2,995, depending on the loan size.

Grundy continued: “We want to support as many homeowners who are not strictly considered ‘prime’ customers and we hope these changes will help us to do that.

“We have the strength of funding, in-house expertise and distribution channels to become the specialist lender of choice for residential borrowers and we will work hard to achieve that.”