West One Loans introduces 65% LTV tier with lower rates as part of residential proposition overhaul

West One Loans has launched a 65% loan-to-value (LTV) tier with lower rates in its ongoing revamp of residential mortgage offerings. This new tier is available across the lender’s Prime Plus, Prime, and Near Prime products, offering reduced pricing on both fixed rate and lifetime tracker deals.

The 65% LTV tier features five-year fixed rates starting at 5.87% and two-year fixes at 6.35%, which is 0.10% lower than the existing 75% LTV range. Additionally, West One has reduced its 80% LTV rates by up to 0.38% and introduced lifetime trackers starting at 2.30% above the Bank Base Rate.

In a move to clarify benefits for brokers, the lender has rebranded its “flex” range, which offers high loan-to-income ratios, to “LTI Boost”.

West One has also cut its second charge rates by up to 0.90% and launched a new range of 60% LTV second charge products, including an SVR lifetime tracker and two, three, and five-year fixes, with rates starting from 6.74%.

The Watford-based lender recently restructured its residential and second charge sales team and initiated a major recruitment drive to increase its market share in the specialist residential sector.

Marie Grundy, managing director of residential mortgages and second charges at West One Loans, said: “Earlier this month, we announced our ambitions to significantly expand our footprint in the specialist residential market, and this is a continuation of that plan.

“We have been working closely with brokers to find areas where we can improve our range, hence why we have introduced a new 65% LTV tier with lower pricing. The introduction of this new tier, alongside our other rate reductions, gives brokers and lenders greater choice and at lower rates. We believe it also significantly strengthens our proposition.

“But this is just the start for us. We have some extremely exciting plans for our residential division to announce to brokers and the wider market over the coming weeks and months. Given how closely we have worked with brokers on our recent changes – and those we have in the pipeline – we believe we are developing a range that will provide one of the most comprehensive product offerings in the specialist lending market.”