West One cuts residential and second charge rates

West One Loans has announced reductions across its residential and second charge mortgage ranges, alongside a series of improvements to its lending criteria aimed at increasing accessibility for brokers and borrowers.

The specialist lender has cut rates by up to 65 basis points (bps) on its two- and five-year fixed-rate residential mortgage products, available up to 95% loan-to-value (LTV).

Five-year fixed rates now start from 5.89%, down from 6.19%.
Two-year fixed rates start from 5.99%, reduced from 6.34%.

West One has also made reductions of up to 64bps on its second charge mortgage range, with new rates set at:

6.89% for two-year fixed rates.
6.39% for five-year fixed rates.

NEW CRITERIA

Alongside the rate reductions, West One has introduced several enhancements to its residential mortgage lending criteria, including:

Fee-assisted product enhancements – borrowers taking out a mortgage at 90% and 95% LTV will now be eligible for a valuation refund, a move designed to support first-time buyers and home movers.
Shared ownership changes – a new dual representation service is now available exclusively through West One’s appointed legal partner, with rates starting from 6.44% and products available up to 100% loan to share value.
Lower income thresholds for interest-only borrowers – the minimum income requirement has been reduced to £15,000 on loans up to 75% LTV, with downsizing accepted as a repayment strategy.

DIGITAL UPGRADES TO SECOND CHARGES

West One has also introduced digital submission capabilities for second charge mortgage applications, removing the requirement for physical application forms. In addition, it will offer desktop valuations for loans up to £100,000 at 65% LTV or under.

Marie Grundy, managing director of residential mortgages and second charges at West One Loans, said: “We’re pleased to announce these meaningful rate reductions across both our residential and second charge products, complemented by these new enhancements to our criteria and underwriting process.

“They reflect our commitment to offer competitive, tailored solutions that focus on improving our accessibility whilst also meeting the evolving needs of brokers and borrowers.”