West One Loans has implemented considerable changes to its residential mortgage products, including a reduction of up to 1% in rates and a comprehensive criteria overhaul. This marks a significant enhancement of its product range.
Following these rate cuts, West One’s residential 5-year fixed rates now start from 5.69%, a decrease from the previous rate of 6.09%. Additionally, its 2-year fixed rates have been reduced to start from 5.99%, down from 6.99%.
In a notable expansion, the lender has introduced a new range of higher loan-to-value (LTV) products, offering up to 90% LTV for both remortgage and purchase customers, starting from 6.55%. This is a considerable increase from its previous maximum LTV of 75%.
West One has also significantly increased its maximum loan size, from £700,000 to £1.5m. This expansion is designed to broaden the appeal of its products, which are now tiered according to LTV ratios, providing enhanced flexibility for borrowers.
In addition to these changes, West One has made its Prime plans and higher loan-to-income plans accessible to first-time buyers for the first time, offering them a broader range of options. The lender has also extended its £500 cashback offer to purchase customers, a benefit previously exclusive to remortgage borrowers.
Alongside the overhaul of its residential mortgage range, West One has introduced significant enhancements to its second charge product range. These include a reduction in rates by up to 90 basis points, with fixed rates now starting from 6.59%. The reintroduction of 80% and 85% LTV products and an increase in the maximum loan term from 30 to 35 years are also part of these updates.
Marie Grundy (pictured), managing director of residential mortgage and second charge at West One Loans, said: “The changes we have announced today significantly enhance our residential range and demonstrate how serious we are about becoming the go-to lender in the specialist end of the market.
“We launched into residential lending a little over 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.
“We believe the demand for specialist finance will only grow in the months and years to come, and we want to be the first lender brokers think of when they have a client that doesn’t fit high street criteria.
“We’ve come out of the blocks quickly in 2024, but we’ve got plenty more we want to achieve in terms of products and criteria before the year is out. Watch this space.”
