The West Bromwich Building Society has introduced a series of products at 85% loan-to-value (LTV).
The products aim to enable more mortgage prisoners to access mortgage deals in line with current market rates, and support borrowers with 15% equity in their homes, compared to the 25% equity that has been required up until now.
The move follows a recent call from the West Brom to the industry to do more to help those borrowers that are stuck paying higher rates.
Notable remortgage products include a 75% LTV 2-year fix at 1.84%, an 80% LTV 2-year fix at 2.24% and an 85% LTV 2-year fix at 2.79%. All three deals include a £499 fee.
Jonathan Westhoff, chief executive of The West Brom, said: “The introduction of these new products and lower loan to value requirements marks the next step in our approach to support mortgage prisoners.
“We’re hoping that by adding more products to the range, more borrowers can qualify to switch and access competitive mortgage rates in line with the current market.
“We’ve seen some borrowers saving up to £700 on their monthly payments, so there are significant savings to be had by switching.
“Whilst we’re pleased with the borrowers we’ve helped so far, we’ve always acknowledged that as a mid-sized lender we can only do so much, and we have called on other lenders for further support.
“Irrespective of the response, we still feel that far too few of these borrowers have been alerted to the opportunity to reduce their monthly mortgage payments.”