West One Loans has lowered its residential rates by up to 100 basis points and overhauled its criteria as part of an overhaul of its product range.

Following the cuts, West One’s residential five-year fixed rates now start from 5.69% (down from 6.09%) while its two-year fixes start from 5.99% (down from 6.99%).

As part of the overhaul, the specialist lender has also introduced a new higher LTV product range offering products up to 90% LTV product for both remortgage and purchase customers, with rates starting from 6.55%. Previously its maximum LTV was 75%.

West One has also more than doubled its maximum loan size from £700,000 to £1.5m to widen the appeal of its range tiered to LTV ratios to provide increased flexibility for borrowers.

It has also opened its Prime plans and its higher loan-to-income plans to first-time buyers for the first time, giving them an even greater number of options.

West One has also extended its £500 cashback product to purchase customers, whereas previously it was only available to remortgage borrowers.

As well as overhauling its residential mortgage range, West One has also made a series of major enhancements to its second charge range, including:

• Cutting rates by up to 90 basis points, meaning its range now offers fixed rates starting from 6.59%;
• Reintroducing its 80% and 85% LTV products;
• And increasing its maximum loan term from 30 to 35 years.

West One managing director of residential mortgage and second charge Marie Grundy commented: “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.

“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.

She concluded: “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.”