West Brom cuts 5-year fixes

Ryan Bembridge

July 14, 2016

West Brom Building Society has cut 5-year fixed rate mortgages by up to 0.55% with rates starting from 2.09% to 65% loan-to-value.

The biggest rate cuts were made at 85% LTV, where the lender’s 5-year fix has been reduced from 3.14% to 2.59%.

The lender is also offering a 5-year fix at 2.89% to 90% LTV, down from 3.39%.

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David Taylor, the West Brom’s head of products, said: “Not only are we committed to offering our borrowers competitive rates of interest, we also strive to deliver true value by keeping fees to a minimum and adding incentives that cut down the overall cost of buying a home.

“The West Brom’s latest 5-year fixed rates are particularly competitive and we expect considerable interest in the products.

“There is a lot of uncertainty at the moment regarding Bank base rate, which direction it is going to move in and how quickly changes could happen.

“Fixing your mortgage rate is the only way of guaranteeing your monthly repayments for a set period of time, which makes it easier for homeowners to budget effectively and plan ahead.”

All products for new purchasers have a £199 booking fee, but that doesn’t apply for remortgage customers, who can benefit from fees assisted legals.

Lower deposit borrowers, those at 80%, 85% and 90% LTV, qualify for a cashback payment of £500 if they are purchasing or moving home.

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