West One Loans has announced changes to its mortgage range with significant pricing reductions to its residential, second-charge and buy-to-let products.
The specialist lender has slashed its range of fixed-rate residential mortgages by up to 64 basis points with both its two and three-year fixed rates now starting at 6.75%.
Meanwhile, West One’s limited-edition five-year fixed rates will start from 6.09% up to 75% LTV, providing rate reductions of up to 20 basis points.
It has also reduced its Prime Plus Flex and Prime Flex plans for applicants wanting to borrow more than five times’ income by 64 basis points, with rates starting at 6.99%.
There has also been pricing improvements to its limited-edition cashback products for remortgage borrowers, which West One launched earlier this month.
The range starts from 6.89% and offers borrowers £500 towards legal fees upon completion.
In addition to this, West One has also made significant rate reductions to its second charge mortgages. The lender has cut its Apex 0 range, which targets borrowers with good credit histories who typically have a high street mortgage, by up to 56 basis points.
It means that its five-year fixed rates now start from 7.10%, while its three and two-year fixed rate products start from 8.29% and 8.49% respectively.
Plus, there has been sizeable reductions made to West One’s interest only large loan products, with its five-year fixed rates down 0.89% to 8.10% and its two-year fixed rates down 0.75% to 9.49%.
Finally, West One is also making further reductions to its fixed-rate mortgages for landlords.
Both its core and complex fixed-rate products have been reduced by up to 30 basis points with rates now starting from 4.49% for a two-year fix and 5.29% for a five-year fix.
There have also been changes to West One’s W1 limited-edition range for both portfolio and non-portfolio landlords.
The former – landlords with more than three properties – can now access a two-year fixed rate from 4.19% and a five-year fix from 4.44%, after reductions of up to 16 basis points.
As for the latter, rates have been cut by up to 14 basis points, with equivalent fixed-rate products starting from 4.19% and 5.06%.
Marie Grundy (pictured), managing director of residential mortgages and second charge at West One Loans, said: “These pricing changes will significantly lower the cost of borrowing for many of our residential and second-charge customers.
“As a lender, we always endeavour to reduce rates quickly whenever we can and are delighted when we are able to make such dramatic changes to our full range of mortgage products.
“Our updated residential mortgage products offer competitive pricing for borrowers who need options outside of the high street, including those with less than a perfect credit rating, older borrowers and self employed applicants.
“Meanwhile, our second charge products are a valuable option for high street borrowers who have further borrowing needs but don’t want to disturb their existing mortgage arrangements, particularly if they are benefitting from a low fixed rate mortgage.”
Andrew Ferguson, managing director of buy-to-let at West One Loans, added: “We are very pleased to finish the year with a series of successive rate reductions, after what has been a challenging year for landlords.
“When considered alongside our recent criteria changes, our proposition caters for many of the needs of landlords, big and small.
“As we head into 2024, we hope the improving economic landscape will have a positive impact on the buy-to-let market and we will be hoping to share more positive news on rates and products in the New Year.”