West One Loans has reduced rates across its residential and second charge mortgages, and has also come out with criteria changes.
The lender’s two- and five-year fixed rate residential mortgages up to 95% loan to value (LTV) have been reduced by up to 0.65%. Its five-year fixes have been cut from 6.19% to begin at 5.89%, while two-year fixes have fallen from 6.34% to start at 5.99%.
Its second charge rates have been reduced by 0.64%, with two- and five-year fixes starting at 6.89% and 6.39% respectively.
In a change to its residential criteria, West One Loans has added options to its fee-assisted product range to allow a refund on valuation costs for purchases at 90% and 95% LTV. The lender said this would be beneficial to homemovers and first-time buyers.
It has also launched dual representation to its shared ownership range, which will be available exclusively through the lender’s appointed legal partner. This range offers reduced rates that begin at 6.44% up to 100% loan to share value.
West One Loans has reduced the minimum income threshold for interest-only lending to £15,000 on borrowing amounts up to 75% LTV. Downsizing will also be accepted as a repayment strategy.
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Further, across its second charge mortgages, applications can now be submitted digitally. It has also introduced desktop valuations on loans up to £100,000 on LTVs at 65% or lower.
An enhancement of products
Marie Grundy, managing director for residential mortgages and second charges at West One Loans, said the lender was “pleased” to announce “meaningful rate reductions” that were “complemented by these new enhancements to our criteria and underwriting process”.
She added: “They reflect our commitment to offer competitive, tailored solutions that focus on improving our accessibility whilst also meeting the evolving needs of brokers and borrowers.”
Paul Huxter, head of intermediary sales and distribution at West One Loans, said: “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.”
Pauline Rylands, head of specialist distribution for residential mortgages and seconds at West One Loans, added: “Broadening the catch of clients that brokers can deliver value to is crucial to us at West One. These new rates and enhancements only expand on that priority, helping to bridge the gap between the needs of borrowers and the solutions we supply.”
This week, the lender introduced automated valuation models (AVMs) to its buy-to-let (BTL) products and lowered rates.
Pepper Money cuts rates by 0.2%
Pepper Money has reduced rates across its entire mortgage range by 0.2%.
The lender said this was in response to falling swap rates and funding costs, as well as the base rate cut last week.
Pepper Money has also lowered rates on its limited-edition remortgage-only product, which has no upfront fee and is available through its Pepper 48, Pepper 36 core and Light ranges.
Pricing now starts at 5.69% up to 75% LTV. The product has no upfront fees and offers free valuations.
Paul Adams, sales director at Pepper Money, said: “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.”
