West Brom latest lender to release 10-year fix

Ryan Bembridge

July 7, 2016

manchester street

West Brom Building Society has launched a 10-year fixed rate mortgage at 2.79% to 65% loan-to-value after Coventry Building Society and HSBC unveiled their own products today.

Borrowers can also take out a 10-year fix at 2.99% to 80% LTV for purchasing customers or remortgagors.

Coventry will launch a rate of 2.39% to 50% LTV on Friday, while HSBC’s offering is fee free and has a rate of 2.79% to 70% LTV.

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David Taylor, the West Brom’s head of products, said: “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.”

West Brom’s products come with no completion fee and a free first standard valuation worth up to a maximum of £445, although purchase customers have to pay a £199 booking fee.

Remortgage customers don’t have to pay a booking fee and receive fees assisted legals.

Each mortgage reverts to the West Brom’s standard variable rate at the end of the term, which is currently 3.99%.