West One Loans has launched new limited edition Prime Plus 5-year fixed rate mortgage products, starting from 6.29%.
The products will be available from tomorrow (1st November 2023).
Highlights include 5-year fixed rates starting from 6.29% up to 75% loan-to-value (LTV) available to first-time buyers, home movers and remortgage customers (including unencumbered remortgages), and a 5-year fixed rate cashback product starting from 6.89% up to 75% LTV for remortgage borrowers.
In addition, the lender will be offering a 5-year fixed rate Prime Plus Flex product starting from 6.99% up to 75% LTV for homemovers and remortgage borrowers requiring LTI’s over 5.0 times income.
Meanwhile, the lender has also made reductions across its second charge mortgage range.
It has cut its Apex 0 range, which targets borrowers with good credit histories who typically have a high street mortgage, by up to 0.34%. It means 5-year fixed rates now starts at 7.65%
The lender has also slashed its 2- and 5-year fixed rates within its second charge buy-to-let mortgage range by up to 0.64%, with rates now starting at 8.89%.
Marie Grundy, managing director of residential mortgages and second charge at West One Loans, said: “There is a still a lot of uncertainty surrounding the future path of interest rates and so we are seeing strong demand for our five-year fixed rate mortgage products.
“These new rate reductions will offer highly competitive pricing for borrowers who need options outside of the high street at a time when they most need it.
“We know there are plenty of people out there who have a less-than-perfect credit record but who remain a good credit risk. We want to provide a range that offers a genuine option to anyone in this position.”
On the second charge reductions, Grundy added: “The huge rise in the number of residential product transfers has created serious demand for second charge loans.
“PTs are becoming increasingly popular for borrowers reaching the end of their current mortgage deal, but they don’t allow for additional borrowing.
“Therefore, there will be a huge number of borrowers out there with additional borrowing needs for whom a second charge loan makes sense.
“After reducing our rates, now they can do so for a cheaper monthly outlay without disturbing their existing mortgage arrangements.
