West One is cutting costs on first charge buy-to-let deals on Monday with some rates falling by as much as 25 basis points.

The reductions are to fixed rates in the lender’s core and complex ranges.

Among the products to see rate cuts are:

• Standard two-year fixed rates reduced by 20-25bps
• Specialist two-year fixed rates (for small HMOs, multi-unit freehold blocks and properties above or next to commercial premises) reduced by 20-25bps
• Standard five-year fixed rates reduced by 5-15bps
• Specialist five-year fixes cut by up to 10bps
• All W2 and W3 products reduced by 15bps and 10bps respectively

Following the changes, two-year fixed rates start from 2.84% and five-year fixes from 4.29%.

The lender is also making criteria changes to its core range.

These include increasing the maximum loan size to £3m on standard and specialist products and allowing foreign nationals who have no existing UK property, up to 65% LTV.

Expat cases where the borrower has no existing UK property will also be allowed up to 70% LTV.