The West Brom is showing its support for first time buyers by offering cashback payments of up to £1,500 with selected fixed rate mortgages.
The Society has reviewed its full range of products, including those for borrowers looking to purchase a home with a five per cent deposit over fixed rate terms of up to five years.
A five year fix at a loan to value (LTV) ratio of 95% is available at 3.74%. Cashback has increased from £1,000 to £1,500, which is payable upon completion.
For customers wanting to fix over three years, the rate is 3.64% (up to 95% LTV) with £1,250 cashback offered. The West Brom’s rate for a two year fix at up to 95% LTV has been cut by 0.10% to 3.54% and includes £1,000 cashback.
No booking or completion fees are payable with these particular mortgage products, plus applicants are provided with a free first standard valuation.
For buyers with a larger deposit of ten per cent, two year fixed rates with cashback start from 2.64%. The West Brom’s comprehensive product range also includes a selection of discounted variable mortgages, joint borrower/sole proprietor (called the Assisted Mortgage) and remortgage offers for borrowers with an existing Help to Buy equity loan.
Richard Scott, the West Brom’s Head of Intermediaries, said: “The West Brom is very supportive of the first time buyer market, with more than a third of all new lending in the first half of our current financial year being specifically directed there.
“While these latest additions to our range are not exclusively for first time buyers, we think they will suit that particular market segment well because they offer good all-round value.
“It can be very frustrating for a buyer when they’ve saved hard to get their deposit in place, only to find a number of additional costs related to their mortgage, such as arrangement fees and valuations, which need to be covered before they can proceed.
“Cashback payments are also a welcome addition that can be put towards other expenses associated with moving home.”
Mortgage products revert to the West Brom’s SVR at the end of the fixed rate term, which is currently 4.49%.