West One Loans has unveiled a new 65% LTV tier with lower rates.
The new 65% LTV option is available across the lender’s Prime Plus, Prime and Near Prime and offers lower pricing across its fixed rate and lifetime tracker deals.
The new tier has five-year fixed rates starting at 5.87% and two-year fixes at 6.35%, which is 10 basis points less than the lender’s existing 75% LTV range.
Meanwhile, West One has cut its 80% LTV rates by up to 38 basis points and introduced a new range of lifetime trackers starting at 2.30% above Bank Base Rate.
It has also rebranded its ‘flex’ range, which offers LTI ratios of five times income or more, to ‘LTI Boost’ to make it clearer to brokers what the benefits of the range are.
In addition, the lender has cut its second charge rates by up to 90 basis points and introduced a new range of 60% LTV second charge products, including an SVR lifetime tracker and two, three and five-year fixes. Its second charge range now start from 6.74%.
Marie Grundy, managing director of residential mortgages & second charges at West One Loans, says: “Earlier this month we announced 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.”