The West Brom has increased its cashback from £1,000 to £1,500, which is payable upon completion, for a 5-year fix at 95% LTV at 3.74%.
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 2-year fix at up to 95% LTV has been cut by 0.10% to 3.54% and includes £1,000 cashback.
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.”
No booking or completion fees are payable with these particular mortgage products, plus the society provides applicants with a free first standard valuation.
For buyers with a larger deposit of 10%, 2-year fixed rates with cashback start from 2.64%.
Mortgage products revert to the West Brom’s SVR at the end of the fixed rate term, which is currently 4.49%.