West One Loans has slashed residential rates by up to 80 basis points, while introducing three-year fixes and a cashback offer to its range.
The specialist lender’s Prime Plus, Prime Plus Flex, Prime and Prime Flex residential loans now start at 6.89%, 7.29%, 7.39% and 7.89%, respectively.
Its new three-year fixed 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”.
The firm’s cashback offer means all remortgage customers — excluding unencumbered and transfer of equity mortgages — will receive £500 to put towards legal fees on completion.
It adds that the cashback option can be used together with the firm’s fast-track remortgage service, where it begins the legal work after receiving the application and typically takes up to 11 days of the offer being issued.
West One Loans managing director of residential mortgages and second charge Marie Grundy says: “These cuts mean we have a range that can offer competitive pricing for borrowers who are in need of specialist mortgage 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’m 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 [October] that we didn’t want to be also-rans, but wanted to make a major impact on this area of the market with a competitive and varied range.”
