West Brom Adds Five Year Option for Borrowers with Smaller Deposits

March 6, 2014 - PRLog -- The West Brom has added to its range of mortgages to help borrowers with smaller deposits, including first time buyers and remortgage customers.

The building society’s market leading two year fixed rate mortgages are now joined by five year deals to suit people who prefer to fix their repayments for longer.

Rates start at 3.99% fixed for five years for borrowers with a 15% deposit.  At a loan to value (LTV) ratio of 90% (10% deposit), the rate is 4.49%.

There are no completion fees to pay and additional incentives include a free standard valuation.  Remortgage customers also benefit from fees assisted legal work.

Products are available directly from the West Brom through its 37-strong branch network or over the phone.

With its low deposit requirements, the West Brom says this particular mortgage range has been designed to appeal to first time buyers and those who wish to move home but do not have a large amount of equity in their current property.

The same competitive rates are also available to remortgage customers who want to improve their current deal.

Vicki Ballinger, the West Brom’s product manager for mortgages, said: “We want to offer the widest choice we can to meet customers’ different needs, including providing an option for them to fix their repayments for longer.

“This is particularly relevant given the continuing improvement in the economy and the increasing likelihood of a rise in Bank Base Rate.

“We are also endeavouring to keep the overall cost of borrowing down, with no completion fees payable and incentives available.  Borrowers, especially those buying for the first time, can then focus fully on raising a suitable deposit in order to make their purchase possible.”

New five year fixed rate mortgages from the West Brom include:

Five year fixed rate at 3.99%, fixed until 30/04/2019

For loans up to 85% LTV; available to customers who are purchasing or moving home; there is a £99 booking fee, no completion fee is payable; includes a free first standard valuation (worth up to a maximum of £525); the overall cost for comparison is 4.1% APR.

Five year fixed rate at 3.99%, fixed until 30/04/2019

Up to 85% LTV; available to customers who are remortgaging; £99 booking fee, no completion fee; includes a free first standard valuation (worth up to a maximum of £525) and fees assisted legals; the overall cost for comparison is 4.1% APR.

Five year fixed rate at 4.49%, fixed until 30/04/2019

Up to 90% LTV; available to customers who are purchasing or moving home; £99 booking fee, no completion fee; includes a free first standard valuation (worth up to a maximum of £525); the overall cost for comparison is 4.3% APR.