The West Brom has launched a new two year fixed rate mortgage range targeted at first time buyers and those seeking to move up the property ladder.
The Society is resuming lending at loan to value (LTV) ratios of up to 90% to assist buyers with smaller deposits and remortgage customers looking for competitive rates.
Borrowers with a 10% deposit (90% LTV) can access fixed rates starting from 3.49% over two years. The lowest rate in the range is 2.79% fixed for two years (85% LTV) and all completion fees are priced at less than £1,000.
Free first standard valuations worth up to a maximum of £525 and fees assisted legal work are also available on certain products to help reduce the overall cost of borrowing.
The new deals are said to be in response to customer needs for wider lending opportunities and are available from branches, over the phone or through the West Brom’s selected intermediary partners.
James Wright, the West Brom’s Divisional Director for Marketing and E-Commerce, said: “We are keen to increase customer choice and do what we can to support borrowers with their plans to buy, move or remortgage.
“Our lower deposit requirements of 10% to 15% within this range will make it more attainable for the first time buyer market."
“It should also help people with less equity in their current home who are finding it difficult to obtain a suitable mortgage in order to progress further up the property ladder.”
New two year fixed rate mortgages from the West Brom include:
Two year fixed rate at 2.79%, fixed until 29/02/2016
For loans up to 85% LTV; available to customers who are purchasing or moving home; there is a £99 booking fee and a £900 completion fee; the overall cost for comparison is 3.9% APR.
Two year fixed rate at 3.49%, fixed until 29/02/2016
Up to 90% LTV; available to customers who are purchasing, moving or remortgaging; £99 booking fee; £900 completion fee; the overall cost for comparison is 4.0% APR.
Two year fixed rate at 3.99%, fixed until 29/02/2016
Up to 90% LTV; available to customers who are purchasing, moving or remortgaging; £99 booking fee; £400 completion fee; includes a free first standard valuation (worth up to a maximum of £525); remortgage customers also receive fees assisted legals; the overall cost for comparison is 4.1% APR.