West One Loans has cut rates by up to 20 basis points on lifetime trackers in its Platinum range as it revamps its residential offering.
The specialist lender’s lifetime tracker range now starts at base rate plus 2.00%.
The firm has also cut the number of loan-to-value bands in its Platinum range — for borrowers with good credit histories with the “occasional payment blip” — from five to two to make it easier to navigate.
Products are now available up to 55% and 75% LTV.
The range allows borrowers a maximum loan to income of 4.5 times income and county court judgements over the last two years.
The move follows the firm’s recent decision to switch from percentage-based fees to a flat-fee structure for residential loans, after first launching into the home loans market for underserved borrowers last October.
Its arrangement fees range between £995 and £2,995, depending on the loan size.
West One managing director, residential and second charge divisions Marie Grundy says: “We have made a series of adjustments to our unique Platinum range to further enhance the competitiveness of our residential mortgage range.
“In order to deliver on our promise to help borrowers underserved by high-street lenders, we will continue to fine-tune products in response to customer needs and market changes.
“We want to support as many homeowners who are not strictly considered ‘prime’ customers and we hope these changes will help us to do that.”