The ‘Platinum’ product rates begin from 5.45 per cent for a five-year fix and 5.59 per cent for a two-year fix. This is respectively 0.79 per cent and 0.9 per cent lower than its other residential products.
The tracker product in the range is 0.94 per cent lower than its equivalent standard option and the rate starts at 6.3 per cent.
It is open to first-time buyers, homemovers and remortgage customers. It is available up to 70 per cent loan to value (LTV) or 65 per cent LTV on an interest-only basis. The maximum loan size is £1m and the maximum loan to income (LTI) ratio is 4.5 times income.
This follows the lender’s decision to switch from percentage-based fees to a flat fee structure for residential products with option of £995 or £2,995 depending on the loan size.
West One Loans entered the residential market in October.
West One ‘happy’ with residential foray
Marie Grundy, managing director of West One’s residential and second charge divisions, said: “We’ve spent the past few months fine-tuning our criteria and making sure that it delivers on our promise to help those who are underserved by the high street.
“We’re confident it does but with the launch of this new range, we now have a pricing proposition that is a match for anything in the specialist residential market.
“We are able to offer such competitive pricing because we have an extremely strong and diverse funding network; and that is because our investors have confidence in our ability to lend prudently and at scale.
“We are very happy with what we have achieved in our first seven months in the residential space, but we have ambitions to rapidly grow our market share.”
Foundation Home Loans reduces rates
Foundation Home Loans has cut rates across its owner-occupier and buy-to-let products by up to 0.75 per cent.
Across its buy-to-let mortgages, cuts have been made on its two and five-year fixes at 65 per cent LTV and 75 per cent LTV. The products within its F1 and F2 ranges have been lowered by up to 0.7 per cent.
Its product for houses in multiple occupation (HMO) has been reduced by 0.75 per cent to bring it in line with the lender’s F2 buy-to-let product. Standard buy-to-let fixed rates now begin from 5.29 per cent, while the HMO option starts from 5.34 per cent.
The products come with a one to two per cent product fee and are available with a maximum loan size of £1m.
Within its owner-occupier range, Foundation has reduced rates on its F1 offering by up to 0.55 per cent, which is for borrowers with near perfect credit files. For borrowers in the F1 category with recent credit blips, rates have been reduced by up to 0.6 per cent. Rates now begin at 5.89 per cent up to 65 per cent LTV.
George Gee, managing director (commercial) at Foundation Home Loans, said: “We are pleased to be able to offer some significant rate reductions across our buy-to-let and owner-occupier product ranges, reflecting some increased economic stability and growing demand across these markets as we move into Q2.
“We expect these products to prove attractive to a range of borrowers who are now becoming accustomed to a new interest rate normal and those who will benefit from our excellent service levels which continue to allow our intermediary partners to be confident in being able to rely on us to deliver the solutions that matter for their clients at pace and with complete transparency.”
