West One Loans introduces new 65 LTV tier with lower rates as part of an ongoing overhaul of its residential proposition

West One Loans has introduced a new 65% LTV tier with lower rates as it continues to overhaul its residential mortgage position.

The new 65% LTV option is available across the lender's Prime Plus, Prime and Near Prime and offers lower pricing across its fixed rate and lifetime tracker deals.

The new tier has five-year fixed rates starting at 5.87% and two-year fixed at 6.35%, which is 10 basis points less than the lender's existing 75% LTV range. 

Meanwhile, West One has slashed its 80% LTV rates by up to 38 basis points and introduced a new range of lifetime trackers starting at 2.30% above the Bank Base Rate.

It has also rebranded its "flex" range, which offers LTI ratios of 5 times income or more, to "LTI Bosst" to make it clearer to brokers what the benefits of the range are.

Separately, the lender has cut its second charge rates by up to 90 basis points and introduced a new range of 60% LTV second charge products, including an SVR lifetime tracker and two, three and five-year fixes. its second charge range now starts from 6.74%.

Earlier this month, the Watford-based lender restructured its residential and second charge sales team and announced a major recruitment drive in a bid to win market share in the specialist residential market. 

As part of its ambitious expansion strategy, West One plans to announce several other significant product and criteria changes over the coming weeks and months. 

Marie Grundy, Managing Director of Residential Mortgages & Second Charges at West One Loans, says: "Earlier this month we announced ambitions to significantly expand our footprint in the specialist residential market, and this is a continuation of that plan.

"We have been working closely with brokers to find areas where we can improve our range, hence why we have introduced a new 65% LTV tier with lower pricing. 

"The introduction of this new tier, alongside our other rate reductions, gives brokers and lenders greater choice and at lower rates. We believe it also significantly strengthens our proposition.

"But this is just the start for us. We have some extremely exciting plans for our residential division to announce to brokers and the wider market over the coming weeks and months.