West Brom Lowers Rates to Deliver Better Mortgage Deals

WEST MIDLANDS, U.K. - March 20, 2013 - PRLog -- Reduced rates and a wider choice of products are features of the West Brom’s newly refreshed range of mortgages now available to borrowers.

The UK’s sixth largest building society has cut its borrowing rates by up to 0.35%* to maintain a competitive position in the mortgage market.

Fixed rate mortgages from the Society now start from 2.09%, while several new products have been introduced to increase choice for customers across all loan to value (LTV) brackets up to 80%.

The West Brom is also offering remortgage customers the option to move their mortgage for £99 via a selection of deals that have no completion fees, a free first standard valuation and free standard legal services.

Richard Hopwood, the West Brom’s Sales and Marketing Director, said: “For people considering buying a new home or changing their existing mortgage a discussion with the West Brom could prove the smartest move of all.

“We have reviewed our entire mortgage range to ensure borrowing rates remain competitive and customers have plenty of options to consider depending on their specific circumstances.

“This includes increasing choice for those who want to fix their mortgage rate over a longer term such as three or five years and adding to the number of products we offer with incentives that can help make a mortgage more affordable.”

Highlights from the West Brom’s new range include a 2.09% mortgage fixed for two years at a maximum LTV ratio of 60%.  Customers with a smaller deposit can consider fixing for three years at 2.75% (up to 80% LTV).  This Best Buy deal also includes a free first standard valuation worth up to a maximum of £525.

Most mortgages in the range revert to Bank Base Rate plus 3.49% for the term (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 at http://www.westbrom.co.uk

Notes to editors

Products featured in the West Brom’s mortgage range include:

Two year fixed rate at 2.09%, fixed until 31/05/2015

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.

Three year fixed rate at 2.75%, fixed until 31/05/2016

Up to 80% LTV; available to customers who are purchasing or moving home; £99 booking fee; £995 completion fee; free first standard valuation (worth up to a maximum of £525); overall cost for comparison is 3.8% APR.

Two year fixed rate at 2.95%, fixed until 31/05/2015

Up to 75% 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.

* refers to products such as the West Brom’s five year fixed rate mortgage at 3.19% (was 3.54%) and its two year tracker at 2.69% (was 3.04%).