West One Loans has re-entered the market with a revitalised Platinum residential range, targeted at borrowers who possess strong credit profiles and seek greater financial flexibility.
The move comes as part of a broader strategy to offer more diverse products amid ongoing uncertainty surrounding interest rates.
The specialist lender’s updated Platinum range boasts 2-year fixed rates commencing at 7.1%, and lifetime trackers that start at 2.49% above the Bank Base Rate.
A noteworthy feature of the Platinum lifetime trackers is the absence of early repayment charges, which adds another layer of flexibility for borrowers.
This makes the Platinum range particularly attractive for those who either seek payment stability over a shorter term or anticipate a downward movement in interest rates during the tenure of their mortgage.
Designed to cater to borrowers with good credit scores but allowing room for minor credit issues, the Platinum range is also open to those with historic County Court Judgements (CCJs) and defaults that are over 24 months old.
The product range is accessible to first-time buyers, home movers, and those looking to remortgage, thus broadening its appeal. It complements West One Loans’ existing Prime Plus, Prime, and Near Prime offerings.
This development comes on the heels of West One Loans’ recent introduction of a series of 3-year fixed-rate mortgages, which start at 7.39%. These are designed for borrowers who are looking for a medium-term commitment and are available across the Prime Plus, Prime, and Near Prime ranges.
Marie Grundy (pictured), managing director of residential mortgages and second charge at West One Loans, emphasised the timeliness of the relaunched Platinum range. “There is plenty of uncertainty surrounding the future path of interest rates at the moment and a lot of borrowers are asking themselves if they are doing the right thing by locking into a long-term deal,” she said.
Grundy further explained that the feedback from brokers played a significant role in shaping the relaunched product. “We know from our regular conversations with brokers that they have a lot of clients wrestling with this dilemma. Therefore, we’ve aimed to make our newly relaunched Platinum as flexible as possible for borrowers. Our excellent relationship with brokers means we can listen, learn and react quickly when they tell us of emerging trends in the market. This is another example of that.”
