West One Loans has launched its limited edition five-year fixed rate mortgage products for borrowers including first-time buyers and remortgage customers
The specialist lender’s Prime Plus five-year fixed rate starts from 6.29% up to 75% LTV. It offers rate reductions of up to 60 basis points.
It is available to borrowers who may have satisfied CCJ’s and defaults, unsatisfied CCJ’s and defaults under £500 as well as allowing missed or late unsecured credit payments with a maximum status of 1 in 12.
It is open to first-time buyers, home movers and remortgage customers.
The lender has also introduced Prime Plus cashback products for remortgage borrowers, with rates starting at 6.89%.
The cashback offer gives borrowers £500 towards legal fees upon completion.
West Loans also announced a new Prime Plus Flex five-year fixed rate for those wanting to borrow more than five times’ income, starting at 6.99% up to 75% LTV.
The lender said it has made reductions across its second charge mortgage range.
It has cut its Apex 0 range, which targets borrowers with good credit histories who typically have a high street mortgage, by up to 34 basis points. It means five-year fixed rates now starts at 7.65%
The lender has also slashed its two- and five-year fixed rates within its second charge buy-to-let mortgage range by up to 64 basis points, with rates now starting at 8.89%.
West One Loans managing director of residential mortgages Marie Grundy said: “These new rate reductions will offer highly competitive pricing for borrowers who need options outside of the high street at a time when they most need it. We know there are plenty of people out there who have a less-than-perfect credit record but who remain a good credit risk. We want to provide a range that offers a genuine option to anyone in this position.”
On the second charge reductions, Grundy added: “The huge rise in the number of residential product transfers (PTS) has created serious demand for second charge loans.
“PTs are becoming increasingly popular for borrowers reaching the end of their current mortgage deal, but they don’t allow for additional borrowing.
“Therefore, there will be a huge number of borrowers out there with additional borrowing needs for whom a second charge loan makes sense.
“After reducing our rates, now they can do so for a cheaper monthly outlay without disturbing their existing mortgage arrangements.
