It has also increased its maximum LTV for all its Platinum products
Specialist lender West One Loans has reduced rates by up to 20 basis points on all lifetime trackers in its Platinum range as part of a revamp of its residential offering.
As a result of the latest rate reduction, the lender’s lifetime tracker range now starts at base rate, plus 2%.
West One has also increased its maximum loan-to-value (LTV) from 70% to 75% for all its Platinum products, including its trackers, as well as its two- and five-year fixed-rate products.
In addition, the specialist lender has reduced the number of LTV bands in its Platinum range from five to two to make the range easier to navigate. Products are now available up to 55% and 75% LTV.
West One first launched into the residential market last year and expanded its offering in April with the introduction of its Platinum products.
The Platinum range has its own lending criteria, including:
- Maximum loan size of £1 million, and a maximum of £500,000 for unencumbered properties
- Maximum loan-to-value (LTV) of 70%
- Maximum loan to income ratio of 4.5 times the income
- Interest only available up to 65% LTV
- Mortgage or secured arrears - none in last 12 months, allowing for one missed payment in the last 24 months
- County court judgments (CCJs) and defaults - none in 24 months
West One also recently announced its decision to introduce a new flat-fee structure to replace its previous percentage-based model – a change that is expected to benefit the vast majority of borrowers with arrangement fees fixed between £995 and £2,995, depending on the loan size.
“We have made a series of adjustments to our unique Platinum range to further enhance the competitiveness of our residential mortgage range,” Marie Grundy (pictured), managing director of West One’s residential mortgage and second charge divisions, said. “In order to deliver on our promise to help borrowers underserved by high street lenders, we will continue to fine-tune products in response to customer needs and market changes.
“We want to support as many homeowners who are not strictly considered ‘prime’ customers and we hope these changes will help us to do that. We have the strength of funding, in-house expertise, and distribution channels to become the specialist lender of choice for residential borrowers, and we will work hard to achieve that.”
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