The specialist lender has reduced its core product range by up to 40 basis points while its limited-edition range has been cut by up to 24 basis points.

The biggest reduction on the core range has been made to its two-year fixed rate W1 product which now starts from 4.74%.

Furthermore, it has also cut its five-year fixed rate W1 product by 35 basis points to 5.54% and its equivalent W2 product has been reduced to 6.74%.

There has also been changes to its complex range with reductions of up to 35 basis points on its holiday let two and five-year fixed rate products, which now start from 5.84%.

In addition, West One has also reduced rates across its W1 limited-edition range.

Both of its two-year fixed rate products for portfolio and non-portfolio landlords – those with three or less properties – have been cut by 24 basis points and now start from 4.29% and 4.97% respectively.

The lender’s equivalent five-year fixed rate products have been reduced by around 20 basis points, with the headline pay rate product now priced at 4.58%.

The reductions follow last week’s announcement by West One that it had opened up its buy-to-let range to foreign nationals and first-time buyers as part of wider revamp of its criteria.

West One buy-to-let division managing director Andrew Ferguson comments:  “We are making significant reductions right across our range as we pass on lower borrowing costs to brokers and their clients.

“It’s always pleasing to be in a position to make rate cuts and to be able to offer landlords a more competitive range of lending options”.

He adds: “Naturally, pricing is part of our offer and we endeavour to provide the best rates whenever possible, but it’s important that we also combine a first-class service, compelling set of criteria and a common sense and pragmatic approach from experienced underwriters.