Pepper Money has reduced rates across every mortgage product by up to 20 basis points.

The specialist lender has also cut the cost of products on its limited edition remortgage only offer, which features no upfront fee on Pepper 48 and Pepper 36 core and Light ranges.

The limited edition range is designed to give customers the reassurance of manual underwriting, with rates available from 5.69% up to 75% loan-to-value (LTV).

The products come with no upfront fees and free valuations.

Pepper Money sales director Paul Adams says: “At Pepper Money, we’re always exploring ways to deliver the best possible outcomes for our customers. Following the recent Bank of England Base Rate decision, we’ve moved quickly to pass on the subsequent reduction in SWAP rates, cutting the price of every mortgage in our range by 20bps.”

Elsewhere, West One Loans has cut rates across its residential mortgage and second charge ranges.

The specialist lender has made rate cuts to its residential offering by up to 65bps on its two and five-year fixed rate products, with LTVs up to 95%.

The updated mortgage range now includes five-year fixed rates available from 5.89%, reduced from 6.19%, while two-year fixed rates start from 5.99%, down from 6.34%.

It has also cut rates on its second charge products by up to 64bps. Two and five-year fixed rates now start at 6.89% and 6.39%, respectively.

In addition, West One has made enhancements to its residential criteria.

The lender has introduced new options to its fee assisted product range, allowing for a valuation refund for purchases at 90% and 95% LTV.

It has also launched a dual representation service for its shared ownership cases, made available exclusively though its appointed legal partner, and offers reduced rates that start from 6.44% with products available up to 100% loan to share value.

The minimum income threshold for interest-only borrowers has been reduced to £15,000 on loans up to 75% LTV and with downsizing accepted as a repayment strategy.

Meanwhile, changes have also been made to second charge products whereby applications can now be submitted digitally.

It has also introduced desktop valuations as a faster alternative to a full valuation and are applicable to loans up to £100k on LTVs at 65% or under.

West One Loans head of intermediary sales and distribution Paul Huxter comments: “We’ve spent the past 12 months working hard to enhance our products, ensuring that we continue to offer best-in-class solutions that allow for brokers to have the best tools at their disposal to directly address the needs of today’s borrowers. These new changes reflect that effort completely.”