West One makes significant rate cuts of up to 40 basis points across its BTL mortgage range
Andrew Ferguson - Managing Director of Buy-to-Let
West One Loans has made a series of rate cuts across its range of fixed-rate mortgages for landlords.
The specialist lender has reduced its core product range by up to 40 basis points while its limited-edition range has been cut by up to 24 basis points. The biggest reduction on the core range has been made to its two-year fixed rate W1 product which now starts from 4.74%.
Furthermore, it has also cut its five-year fixed rate W1 product by 35 basis points to 5.54% and its equivalent W2 product has been reduced to 6.74%. There has also been changes to its complex range with reductions of up to 35 basis points on its holiday let two and five-year fixed rate products, which now start from 5.84%.
In addition, West One has also reduced rates across its W1 limited-edition range. Both of its two-year fixed rate products for portfolio and non-portfolio landlords – those with three or less properties – have been cut by 24 basis points and now start from 4.29% and 4.97% respectively.
The lender’s equivalent five-year fixed rate products have been reduced by around 20 basis points, with the headline pay rate product now priced at 4.58%.
The reductions follow last week’s announcement by West One that it had opened up its buy-to-let range to foreign nationals and first-time buyers as part of wider revamp of its criteria.
Andrew Ferguson, managing director of West One’s buy-to-let division, said:“We are making significant reductions right across our range as we pass on lower borrowing costs to brokers and their clients.
“It’s always pleasing to be in a position to make rate cuts and to be able to offer landlords a more competitive range of lending options.
“Naturally, pricing is part of our offer and we endeavour to provide the best rates whenever possible, but it’s important that we combine this with a first-class service, compelling set of criteria, with a common sense and pragmatic approach from experienced underwriters.
“The combination of changes that we have made over the past week puts us in a strong position to reach more brokers and to support more landlords in finding the right solution for them.”