"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"
- Andrew Ferguson - West One Loans
West One Loans has announced that it has reduced its core product range by up to 40bps and its limited-edition range by up to 24bps.
According to West One, the biggest reduction made in the core range has been made to its two-year fixed rate W1 product which now starts from 4.74%.
In addition to this, five-year fixed rates on its W1 product have been reduced by 35bps to 5.54% and its equivalent W2 product has been reduced to 6.74%.
There have also been changes to its complex range with reductions of up to 35bps 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 fewer properties – have been cut by 24bps 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 a 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 also combine a first-class service, a compelling set of criteria and a common sense and pragmatic approach from experienced underwriters.
“The series 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.”