Specialist lender West One Loans has made enhancements to its mortgage range, with reductions to its residential, second charge and buy-to-let (BTL) products.
The specialist lender dropped fixed-rate residential mortgages by up to 0.64%, with both its 2-year and 3-year fixed rates now starting at 6.75%.
West One’s limited edition 5-year fixed rates will start from 6.09% up to 75% loan-to-value (LTV), providing rate reductions of up to 0.20%.
It also reduced its Prime Plus Flex and Prime Flex plans for applicants wanting to borrow more than five-times income by 0.64%, with rates starting at 6.99%.
The lender made pricing enhancements to its limited edition cashback products for remortgage borrowers, which it launched earlier this month.
The range starts from 6.89% and offers £500 towards legal fees upon completion.
West One also made rate reductions to its second charge mortgages, cutting its Apex 0 range, which targets borrowers with good credit histories who typically have a high street mortgage, by up to 0.56%.
Its 5-year fixed rates now start from 7.10%, while its 3-year and 2-year fixed rate products start from 8.29% and 8.49%, respectively.
The lender also made reductions to its interest-only large loan products, with 5-year fixed rates down 0.89% to 8.10% and 2-year fixed rates down 0.75% to 9.49%.
Finally, West One made further reductions to its fixed rate mortgages for landlords.
Both core and complex fixed-rate products were reduced by up to 0.30%, with rates starting from 4.49% for a 2-year fix and 5.29% for a 5-year fix.
There have also been changes to West One’s W1 limited edition range for both portfolio and non-portfolio landlords.
Landlords with more than three properties can now access a 2-year fixed rate from 4.19% and a 5-year fix from 4.44%, after reductions of up to 0.16%.
For non-portfolio landlords, rates have been cut by up to 0.14%, with equivalent fixed rate products starting from 4.19% and 5.06%.
Marie Grundy, managing director of residential mortgages and second charge at West One Loans, said: “These pricing changes will significantly 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.
“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.
“Meanwhile, our second charge products are a valuable option for high street borrowers who have further borrowing needs but don’t want to disturb their existing mortgage arrangements, particularly if they are benefitting from a low fixed rate mortgage.”
Andrew Ferguson, managing director of buy-to-let at West One Loans, added: “We are very pleased to finish the year with a series of successive rate reductions, after what has been a challenging year for landlords.
“When considered alongside our recent criteria changes, our proposition caters for many of the needs of landlords, big and small.
“As we head into 2024, we hope the improving economic landscape will have a positive impact on the BTL market and we will be hoping to share more positive news on rates and products in the New Year.”
