Borrowers seeking the security of a long term fixed rate can access a choice of new mortgages from the West Brom.
The Society is offering a ten year deal fixed until 30/11/2026 with a market leading rate of 2.79% at a maximum loan to value (LTV) ratio of 65%. There are options for new purchasers and remortgage customers, both with additional incentives.
For those with a smaller deposit or less equity in their current property, the Society has a ten year fixed rate of 2.99% at 80% LTV (fixed until 30/11/2026), again with options for new purchasers and those who are remortgaging.
All ten year products have no completion fee, plus a free first standard valuation worth up to a maximum of £445 is included. Remortgage customers also receive fees assisted legals and are not required to pay the £199 booking fee.
Products are portable, meaning borrowers can transfer their mortgage if they wish to purchase a new property during the term without incurring any redemption charges.
The overall cost for comparison is 3.2% APRC for the 2.79% fix and 3.4% APRC for the 2.99% product.
David Taylor, the West Brom’s Head of Products, said: “We are pleased to be adding ten year fixes to our options for borrowers, which increases choice depending on how long they want to protect themselves for against any increases in Bank Rate.
“We are offering competitive rates of interest, plus incentives that help keep the overall cost of borrowing down and the flexibility to take the mortgage with you should you need to move home.
“Knowing exactly what you will be repaying each month over a longer term gives peace of mind and can help with budgeting. It also saves people the time and expense of remortgaging every few years.”
The West Brom is the UK’s seventh largest building society based in West Bromwich in the West Midlands. Its ten year fixed rate mortgages are available directly from the Society or via selected intermediary partners.
Each mortgage reverts to the West Brom’s standard variable rate at the end of the ten year fixed rate term, which is currently 3.99%.