The UK’s sixth largest building society has lowered rates across the range by up to 0.60%* to keep its offer competitive and has also reduced completion fees for successful mortgage applications by up to £500**.
Stephen Leonard, the West Brom’s Divisional Director for Marketing and E-Commerce, said: “We want to ensure that we support our members and their aspirations for home ownership by providing the best deals we can. Our rates and fees are keenly priced to keep our product range right at the forefront in what is a highly competitive market.”
The Society has a Best Buy 2.35% mortgage fixed for two years at a maximum loan to value (LTV) ratio of 60% and a mortgage tracking Bank Base Rate for two years at 2.64% (up to 75% LTV). There are also a number of remortgage products with no completion fees, a free first standard valuation worth up to a maximum of £525 and free standard legal services.
For borrowers seeking a longer term deal, the West Brom has five year fixed rate mortgages starting at 3.29% (up to 75% LTV).
Stephen Leonard added: “Fixing mortgage payments for a longer term is well worth considering at a time when rates are low. It not only gives customers peace of mind, it also helps with their budgeting and they can be confident that they have secured a longstanding competitive deal.”
All mortgages in the range revert to Bank Base Rate plus 3.49% (subject to a Bank Base Rate floor of 0.5%, currently 3.99% variable). Mortgage applications can be made through local branches or by calling 0800 298 0008. Full product details and mortgage calculators are available on the Society’s website.
Highlights from the range include:
Two year fixed rate at 2.35%, fixed until 28/02/2015
For loans up to 60% LTV; available to customers who are purchasing, moving, remortgaging or switching provider; there is a £99 booking fee and a £1,695 completion fee; the overall cost for comparison is 3.8% APR.
Two year fixed rate at 3.34%, fixed until 28/02/2015
Up to 80% LTV; available to customers who are remortgaging or switching provider; £99 booking fee, no completion fee is payable; includes a free first standard valuation (worth up to a maximum of £525) and free standard legals; the overall cost for comparison is 3.9% APR.
Five year fixed rate at 3.29%, fixed until 28/02/2018
Up to 75% LTV; available to customers who are purchasing or moving home; £99 booking fee, £649 completion fee; overall cost for comparison is 3.8% APR.
Two year Bank Base Rate Tracker at 2.64%
Bank Base Rate plus 2.14% until 28/02/2015 with a Bank Base Rate floor of 0.5%; up to 75% LTV; available to customers who are purchasing or moving home; £99 booking fee, £1,495 completion fee; overall cost for comparison is 3.9% APR.
* refers to the two year fixed rate mortgage at 3.34% detailed above – was 3.94%
** refers to the £1,495 completion fee for the Bank Base Rate tracker at 2.64% detailed above – was £1,995