West One Loans has cut green buy-to-let products, signalling that competition is pushing rates down for mortgages on energy efficient properties.
At 65% loan-to-value 2-year fixed rates now stand at 2.99%, down from 3.04%, with a 1.25% product fee. Its 5-year rate has also been reduced.
There are also new limited edition large loan products for standard and HMO properties. These start from 3.07% for a 5-year fixed rate with a 1.5% product fee, and are available for loan sizes of £350,000 to £1m on standard property types.
Andrew Ferguson, managing director for West One Loans’ buy-to-let division, said: “These new products and rate changes support our aspiration to become the ‘go-to option’ for brokers in the buy-to-let arena.
“Our continued focus on service delivery and common-sense underwriting, aligned with these product changes, mean we are well placed to support our broker partners and their landlord clients as we move towards the end of the year.
West One has also launched a new Limited Edition large loan for HMOs and MUFBs with up to six bedrooms. This is a five-year fixed rate product at 3.38% with a 1.75% product fee and is available for loan sizes of £350k to £1m.
In addition to the new product and rate changes, West One has also adjusted its criteria. It will now consider new build properties at up to 75% LTV, previously 70%, without a referral.