Pricing has been cut by as much as one per cent, including a reduction in two-year fixed rates to start from 5.99 per cent instead of 6.99 per cent. The lender’s five-year fixed rates for residential borrowers now begin at 5.69 per cent, down from 6.09 per cent.
West One Loans has also launched a higher loan to value (LTV) range up to 90 per cent LTV for remortgage and purchases, with rates starting at 6.55 per cent. The previous LTV limit was 75 per cent.
Its criteria changes include the doubling of its maximum loan size from £700,000 to £1.5m as well as broadening its prime and high loan to income products to first-time buyers.
West One Loans has also widened its £500 cashback incentive to purchase borrowers.
Changes have been made to the lender’s second charge range, including rates reductions of up to 0.9 per cent to start from 6.59 per cent.
It has brought back its 80 per cent and 85 per cent LTV second charge products and increased the maximum loan term from 30 to 35 years.
Marie Grundy (pictured), managing director of residential mortgage and second charge at West One Loans, said: “The changes we have announced today significantly enhance our residential range and demonstrate how serious we are about becoming the go-to lender in the specialist end of the market.
“We launched into residential lending a little over a year ago and in that time, we have significantly overhauled our criteria, consulting with brokers every step of the way. We will keep doing that to ensure our product set is exactly what advisers and their clients want.”
She added: “We believe the demand for specialist finance will only grow in the months and years to come, and we want to be the first lender brokers think of when they have a client that doesn’t fit high street criteria.
“We’ve come out of the blocks quickly in 2024, but we’ve got plenty more we want to achieve in terms of products and criteria before the year is out. Watch this space.”
StrideUp makes rate cuts
Shariah-compliant lender StrideUp has reduced its two, five and 10-year fixed rates by up to 0.8 per cent.
Its 10-year fixes rates now begin from 5.49 per cent, while two and five-year fixes start from 5.99 per cent. This is available up to 85 per cent finance to value (FTV).
The range is open to Muslims and non-Muslims, and can be directly brokered by advisers with Financial Conduct Authority home purchase plan (HPP) permissions. Intermediaries who are not authorised can refer their client to StrideUp and a procuration fee is available for referrals and direct business.
Sakeeb Zaman, CEO at StrideUp, said: “Following the positive feedback from brokers on last month’s rate reductions, it has been possible to reduce rates significantly very early in 2024. Thus providing fresh hope to close to four million Muslims to finally get out of the rent trap, many of whom are excluded from homeownership due to a lack of suitable products.
“Alongside these rate reductions, our criteria are designed to support people from diverse backgrounds with homeownership aspirations, especially those left behind by mainstream lenders and we hope that more and more brokers will seek to offer our Shariah-compliant and flexible home finance offering to their customers.”
