West One reduces mortgage rates and overhauls shared ownership range

West One has announced a series of rate reductions alongside product and criteria enhancements across its residential and buy-to-let mortgage ranges.

The specialist lender has reduced residential mortgage rates by 0.55% and buy-to-let rates by up to 0.30%. Residential rates now start at 6.04%, with buy-to-let two-year fixed rates starting from 3.69% and five-year fixes from 4.39%.

West One has also delivered a major overhaul of its shared ownership range, introducing new Premier and Platinum products aimed at borrowers with stronger credit profiles who may fall just outside traditional high street criteria. 

Shared ownership products have also been simplified with the removal of 90% loan-to-share value (LSV) options – keeping lending streamlined on 95% and 100% LSV products. The new product range also now includes a free valuation option.

Additionally, West One has extended its LTI Boost product to include interest-only options up to 75% LTV, offering additional flexibility for borrowers with higher LTI borrowing needs. 

Further criteria changes include new support for self-employed contractors registered under the Construction Industry Scheme (CIS), who can now evidence income using the latest three months’ payslips, invoices or statements alongside SA302s and tax year overviews. 

The lender has also updated its criteria for family concessionary purchase options, enabling borrowing up to 100% of the discounted purchase price provided the loan does not exceed 80% LTV. This criteria enhancement has been introduced alongside existing criteria which allows borrowing up to 95% of the discounted purchase price up to the maximum plan LTV.

The lender has also introduced acceptance of e-signatures on buy-to-let mortgage deeds across both first and second charge lending, designed to streamline the completion process and support faster transactions, including potential same-day remortgages.

Marie Grundy, managing director of mortgages at West One, commented: “These changes reflect our continued focus on delivering a highly flexible and timely lending proposition. By reducing rates and broadening our criteria across both residential and buy-to-let products, we are supporting a wider range of borrowers. Our aim is to ensure brokers have the tools they need to place both simple and complex cases quickly and efficiently in a changing market.”