West One Loans cuts lifetime trackers and ups max LTV on platinum range

The platinum range is aimed at borrowers who have not had secured arrears in the last 12 months, and no satisfied or unsatisfied county court judgments or defaults in the last 23 months, no payday loans in the last two years, no discharged individual voluntary agreement or debt management plan or bankruptcies and repossessions.

The lifetime tracker range will start at base rate plus two per cent.

The maximum LTV for all platinum products, including trackers, two and five-year fixed rates, has gone up from 70 to 75 per cent LTV.

The lender has also reduced the number of LTV bands in the range from five to two to make it “easier to navigate”. Deals are available at 55 and 75 per cent LTV.

The range has a maximum loan size of £1m, a maximum loan to income of 4.5x income and interest-only available up to 65 per cent LTV.

Marie Grundy, managing director of West One’s residential mortgage and second charge divisions, said: “We have made a series of adjustments to our unique platinum range to further enhance the competitiveness of our residential mortgage range.

“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.”

She added: “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.”