With a Best Buy rate of 2.95% fixed until 31 August 2014, applicants can borrow between £25,001 and £250,000 at a maximum loan to value (LTV) ratio of 75%.
The product forms part of a recently updated mortgage range from the West Brom, which is the leading building society in Birmingham and the Black Country and the sixth largest in the UK.
The Society is stepping up its activity in the prime residential mortgage market and has made substantial investment in a new automated support system to reduce mortgage processing times.
Stephen Leonard, Divisional Director for Marketing and E-Commerce, said: “We are delighted once again to be supporting customers with a competitively priced mortgage offering.
“Our new two year fixed rate mortgage is currently the lowest rate available at 75% LTV, which is a clear sign of the Society’s commitment to aspiring homeowners and also borrowers looking to better their existing mortgage deal.”
The West Brom’s two year fixed rate 2.95% mortgage has a £99 booking fee, plus a £900 completion fee which can be added to the total amount borrowed. The overall cost for comparison is 5.5% APR.
An early repayment charge of 3% of the amount repaid applies until 31 August 2014, plus interest to the end of the month. The mortgage reverts to the Society’s standard variable rate on 1 September 2014, which is currently 5.84%.