New to the building society’s offering is a five year fixed rate at 3.09%, which is targeted at borrowers with larger deposits or existing homeowners looking to remortgage. It has a maximum loan to value ratio of 65%, a £199 booking fee and an £800 completion fee.
For borrowers with smaller deposits or less equity in their current property, the West Brom has lowered the rate on its existing five year fixed rate mortgage at 75% LTV from 3.59% to 3.39%.
The product has a £199 booking fee and a £400 completion fee and has the added incentive of a free first standard valuation. Remortgage customers also benefit from fees assisted legals and are not required to pay a completion fee.
Two year fixed rate mortgages from the West Brom now start at 1.59%. This product replaces the Society’s 1.58% two year fix, but now has a significantly reduced completion fee of £1,800 (previously £2,300) and requires a minimum deposit of 35% instead of 40%. A £199 booking fee is payable.
Other deals include a new two year fixed rate of 2.39%, also up to 65% LTV, which has a £199 booking fee and no completion fee. Borrowers receive a free first standard valuation and remortgage customers also receive fees assisted legals.
The same incentives apply to the West Brom’s two year fix available at a maximum LTV ratio of 80%. This rate has been reduced by 0.15% to 2.59%, making it a competitive option for borrowers with smaller deposits.
David Taylor, the West Brom’s head of products, said:
“These changes improve our mortgage rates for customers looking to fix their repayments for up to five years. In particular there are options which should appeal to borrowers in the lower LTV brackets and those who want to remortgage to try and beat their existing deal.
“With a future change in Bank Base Rate looking ever more likely, fixing your mortgage now is something well worth considering so that monthly repayments remain the same.”
All mortgages in the range are available directly from the West Brom or via selected intermediary partners, except for the two year fix at 1.59% which is only available directly. Products revert to the Society’s standard variable rate at the end of the fixed rate term, which is currently 3.99%."
