West One Loans slashes rates by up to 80bps and introduces new three-year fixes and cashback offer

West One Loans has slashed rates by up to 80 basis points and introduced three-year fixes and a new cashback offer as part of a major enhancement of its residential mortgage range.

The specialist lender's new three-year rates start at 7.39% and are aimed at borrowers who don't fit high street criteria and want a balance between security and flexibility. 

Meanwhile, West One has cut the rates on its residential range by as much as 80 basis points. It means West One's Prime Plus, Prime Plus Flex, Prime and Prime Flex ranges now start at 6.89%, 7.29%, 7.39% and 7.89%, respectively. 

The specialist lender's new cashback offer means all remortgage customers, excluding unencumbered and transfer of equity mortgages, will receive £500 to put towards legal fees upon completion. 

The cashback offer can be used in conjunction with West One's fast-track remortgage service. This service is designed to reduce completion times, with West One beginning the legal work upon receipt of the application and a typical loan completing within 11 days. 

West One launched into the specialist residential market for the first time in October last year. 

Marie Grundy, Managing Director of Residential Mortgages and Second Charges, comments: "It's fantastic to be able to announce not just a series of major and sweeping rate cuts but also some really positive additions to our residential range. These cuts mean we have a range that can offer competitive pricing for borrowers who are in need of specialist mortgages finance. 

"Our new range of three-year fixes is perfect for those borrowers who want more protection against rate rises than a two-year deal offers but do not want to be tied in for a longer-period in line with changing borrower preferences. 

"I am also confident our generous cashback offer will be a winner with remortgage customers and will put us front of mind when brokers are placing specialist remortgage cases.

"We said when we entered the residential mortgage market last year that we didn't want to be also-rans, but wanted to make a major I'm[act on this area of the market with a competitive and varied range.

"I feel we have done that but, as always, there is plenty more to be done. Brokers can expect a lot more positive news from West One's residential team over the coming weeks and months."

Published in The Intermediary | September 2023

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