The West Brom has made a number of significant changes to its fixed rate mortgage range, amending product rates and adding incentives, including cashback.
Reductions of up to 0.45% have been applied to several existing mortgages and completion fees have been lowered by £700.
Cashback payments of up to £1,500 are being offered within the range alongside further incentives such as free valuations and fees assisted legals for remortgage customers.
In terms of interest rates, the biggest improvement is the Society’s five year fixed rate mortgage at a loan to value ratio of 75%. This has dropped from 2.39% to 1.94%. It is for new purchasers or home movers, includes a free first standard valuation and has no booking or completion fee.
A new addition to the range is a five year fixed rate for purchasers at up to 65% LTV with £1,500 cashback payable upon completion. The rate on this product is 2.19%. Again there are no fees and a free valuation is included.
Similar options – a five year fix with £1,500 cashback – have been introduced across further LTV brackets between 75% and 95%.
Other notable products in the range are a new three year fixed rate of 2.09% (up to 85% LTV) and an improved two year fixed rate of 1.99% (up to 85% LTV) which has benefited from a 0.30% rate reduction and had its completion fee cut from £999 to £299.
Chris Yates, the West Brom’s senior product manager for mortgages, said:
“Many borrowers appreciate the certainty that comes with a fixed rate mortgage and we are increasing the amount of choice available to them across two, three and five year terms.
“Where our proposition is particularly strong is in delivering true value for mortgage customers. Many of our products come with a comprehensive incentives package that helps to reduce the overall cost of borrowing for people buying a home or looking to remortgage to a better deal.”