West One cuts mortgage rates and expands lending criteria
West One cut its residential mortgage rates by 0.55% and buy-to-let (BTL) rates by up to 0.30%.
West One has cut its residential mortgage rates by 0.55% and buy-to-let (BTL) rates by up to 0.30%.
Residential rates now start at 6.04%.
2-year BTL fixed rates start from 3.69% and 5-year fixed rates from 4.39%.
The lender has also overhauled its Shared Ownership range, removing 90% loan-to-share (LTS) value options and focusing on 95% and 100% LSV products.
New premier and platinum products have been launched for borrowers with stronger credit profiles who do not fit high street criteria.
Shared Ownership products now include a free valuation.
Additionally, West One has extended its loan-to-income (LTI) Boost product to include interest-only options up to 75% loan-to-value (LTV), giving more flexibility for those with higher LTI borrowing needs.
The lender has also updated criteria for self-employed contractors under the Construction Industry Scheme, allowing income to be shown using the latest three months’ payslips, invoices or statements with SA302s and tax year overviews.
Criteria for family concessionary purchase options have changed.
Borrowers can now access up to 100% of the discounted purchase price if the loan does not exceed 80% LTV.
The lender’s existing criteria allow borrowing up to 95% of the discounted price up to the maximum plan LTV.
E-signatures can now be accepted on buy-to-let mortgage deeds for first and second charge lending.
This is expected to speed up completion and allow for same-day remortgages.
Marie Grundy (pictured), managing director of mortgages at West One Loans, said: “These changes reflect our continued focus on delivering a highly flexible and timely lending proposition.
“By reducing rates and broadening our criteria across both residential and buy-to-let products, we are supporting a wider range of borrowers.
“Our aim is to ensure brokers have the tools they need to place both simple and complex cases quickly and efficiently in a changing market.”
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