West One has cut rates across its residential and buy-to-let ranges, while also making a series of criteria changes including a shake-up of its shared ownership offering.

The specialist lender said residential mortgage rates had been reduced by 55bps, with buy-to-let rates cut by up to 30bps.

Residential rates now start at 6.04%. In the buy-to-let range, two-year fixed rates now start at 3.69%, while five-year fixed rates begin at 4.39%.

Alongside the rate changes, West One has overhauled its shared ownership proposition with the launch of new Premier and Platinum products aimed at borrowers with stronger credit profiles who sit just outside mainstream high street criteria.

The lender has also simplified the range by removing 90% loan-to-share value options, leaving lending focused on 95% and 100% loan-to-share value products. The revised range now also includes a free valuation option.

West One has also expanded its LTI Boost product to include interest-only options up to 75% loan-to-value, in a move intended to give borrowers with higher income multiple requirements greater flexibility.

Further criteria changes include new support for self-employed contractors registered under the Construction Industry Scheme. These borrowers can now evidence income using the latest three months’ payslips, invoices or statements, alongside SA302s and tax year overviews.

The lender has also revised its approach to family concessionary purchases. Borrowers can now access up to 100% of the discounted purchase price, provided the loan does not exceed 80% loan-to-value. This sits alongside existing criteria allowing borrowing up to 95% of the discounted purchase price, up to the maximum plan loan-to-value.

Separately, West One has introduced the acceptance of e-signatures on buy-to-let mortgage deeds across both first and second charge lending, which it said would help speed up completions and could support same-day remortgages.

Marie Grundy (pictured), managing director of mortgages at West One, 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.”