West One Loans cuts mortgage rates

Its residential options have been lowered by up to 0.64 per cent, with both two and three-year fixed rates starting at 6.75 per cent. 

The lender’s limited edition five-year fixes start from 6.09 per cent up to 75 per cent loan to value (LTV) following reductions of up to 0.2 per cent. 

Across its prime plus flex and prime flex deals for people wanting to borrow more than five times their income, rates have been cut by 0.64 per cent and start at 6.99 per cent. 

The rates on its limited edition cashback remortgages have been reduced and begin from 6.89 per cent. These offer £500 cashback towards legal fees on completion. 

The lender has also made cuts across its second charge options, including its apex 0 range which is for borrowers with good credit histories. 

Pricing has been reduced by up to 0.56 per cent, meaning its five-year fixed rates start from 7.1 per cent, three-year fixes from 8.29 per cent and two-year fixes from 8.49 per cent. 

Across its large loan offering, West One Loans has lowered interest-only rates by up to 0.89 per cent for five-year fixes and 0.75 per cent for two-year fixes. Pricing now begins at 8.1 per cent and 9.49 per cent respectively. 

Marie Grundy, managing director of residential mortgages and second charge at West One Loans, said: “These pricing changes will significantly lower the cost of borrowing for many of our residential and second charge customers. 

“As a lender, we always endeavour to reduce rates quickly whenever we can and are delighted when we are able to make such dramatic changes to our full range of mortgage products.” 

Buy-to-let changes 

The lender also made changes to its buy-to-let offering with its core and complex fixed rates getting reductions of 0.3 per cent.  

These now start from 4.49 per cent for a two-year fix and 5.29 per cent for a five-year fix. 

West One Loans has also amended its W1 limited edition range for portfolio and non-portfolio landlords. 

Rates for portfolio landlords, with more than three properties, start at 4.19 per cent for a two-year fix and 4.44 per cent for a five-year fix. This comes after reductions of up to 0.16 per cent. 

For non-portfolio landlords, rates have been cut by up to 0.14 per cent and now start from 4.19 per cent for a two-year fix and 5.06 per cent for a five-year fix. 

Andrew Ferguson, managing director of buy-to-let at West One Loans, added: “We are very pleased to finish the year with a series of successive rate reductions, after what has been a challenging year for landlords.   

“When considered alongside our recent criteria changes, our proposition caters for many of the needs of landlords, big and small. 

“As we head into 2024, we hope the improving economic landscape will have a positive impact on the buy-to-let market and we will be hoping to share more positive news on rates and products in the new year.”