West One Loans has launched a range of residential mortgages with rates up to 94 basis points lower than its existing suite of products.
The specialist lender says its Platinum range has five- and two-year fixed-rate loans, which start at 5.45% and 5.59%, respectively. These are 79bps and 90bps lower than equivalent products in its current ranges.
The Platinum range also offers tracker loans, starting at 6.3%, which is 94bps below the lender’s cheapest equivalent product.
The new range is available to first-time buyers, home movers and remortgagers — and sits alongside the firm’s existing Prime Plus, Prime and Near Prime product sets.
Platinum’s criteria requirements include:
- Maximum loan size of £1m, or £500,000 for unencumbered properties
- Maximum loan to value of 70%
- Maximum loan to income of 4.5 times income
- Interest only available up to 65% LTV
- Mortgage/secured arrears – 0 in the last 12 months, allowing for one missed payment in the last 24 months
- County court judgements and defaults – 0 in 24 months.
The launch of the range follows the firm’s recent decision to switch from percentage-based fees to a flat-fee structure for residential loans, after first launching into the home loans market for underserved borrowers last October.
The firm says the move will benefit borrowers with arrangement fees between £995 and £2,995, depending on the loan size.
West One managing director, residential and second charge divisions, Marie Grundy says: “We’ve spent the past few months fine-tuning our criteria and making sure that it delivers on our promise to help those who are underserved by the high street.
“We’re confident it does but with the launch of this new range, we now have a pricing proposition that is a match for anything in the specialist residential market.”
