West One revamps residential range with increased LTVs and rate cuts

In addition to cutting rates, West One has increased its maximum loan-to-value from 70% to 75% for all its ‘Platinum’ products, including its trackers, two and five-year fixed-rate products and reduced the number of LTV bands in its Platinum range from five to two. Products are now available up to 55% and 75% LTV.

West One's Platinum range has its own unique criteria, which include maximum loan sizes of £1m (Max £500k for unencumbered properties), maximum LTV of 75%, and maximum LTI of 4.5 times income.

The lender also recently announced the decision to introduce a new flat-fee structure in replace of its previous percentage-based model.

The change benefits the vast majority of borrowers with arrangement fees fixed between £995 and £2,995, depending on the loan size.

Marie Grundy, managing director of West One’s residential mortgage and second charge divisions, said: “We have made a series of adjustments to our unique ‘Platinum’ range to further enhance the competitiveness of our residential mortgage range.

“In order to deliver on our promise to help borrowers underserved by high-street lenders, we will continue to fine-tune products in response to customer needs and market changes.

“We want to support as many homeowners who are not strictly considered ‘prime’ customers and we hope these changes will help us to do that.

“We have the strength of funding, in-house expertise and distribution channels to become the specialist lender of choice for residential borrowers and we will work hard to achieve that.”