West Brom launches 85% LTV products and resumes physical valuations

Jessica Bird

May 21, 2020

The West Brom

West Bromwich Building Society (The West Brom) has introduced products up to 85% loan-to-value ratio (LTV) on residential purchases and remortgages. 

The West Brom has also cut rates across the range of products.

A total of 30 new deals across 75%, 80% and 85% LTV will be available from Friday 22 May.

This includes a 2-year fixed rate purchase at 2.04% at 85% LTV, a 5-year fixed rate purchase at 2.14% at 85% LTV, a 2-year remortgage deal at 1.99% at 80% LTV, and a 5-year remortgage deal at 1.64% at 60% LTV.

All come with £300 cashback, barring the latter, which includes £500 cashback.

The products also include free valuations and carry no completion or booking fees.

Mortgage products revert to the West Brom’s standard variable rate (SVR) at the end of the fixed rate term, which is currently 3.99%.

In addition, physical valuations have been restarted for both pipeline and new business applications, where it is safe to do so.

For remortgages below 75% LTV, an automated valuation model (AVM) will continue to be used where the property fits the qualifying criteria.

Richard Scott, head of intermediaries at the West Brom, said: “Now that the government has begun easing lockdown restrictions on valuations, we’re able to provide more competitive options and choice to help our intermediary partners find the best deals for their clients.

“We have increased our operational capacity and have the right support in place to deliver the highest level of service and progress increased new business volume, as well as deliver our current pipeline.

“Following the launch of the 30 new products, we have plans to further extend our portfolio next week, strengthening our offering in the market.”

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