West Brom Building Society has increased the maximum loan size it will offer for a house purchase to a loan-to-value (LTV) ratio of 95%.
Customers can now borrow up to £350,000, an increase from the previous limit of £250,000. The West Brom has also reduced rates and launched a 95% LTV product.
Richard Scott, the West Brom’s head of intermediaries, said: “We recognise the importance of helping the next generation of homeowners to secure their first property and have proven experience in providing a choice of good value mortgage products.
“These changes should help to broaden the West Brom’s reach in this particular market segment.”
West Brom has launched a 95% LTV 3-year fix at 3.14%. Within its 95% LTV range the society rates now start from 2.84%, cut from 2.99%, for a 2-year fix and for a 5-year fix with £1,500 cashback, the rate is 3.44%, reduced from 3.59%.
Mortgage interest rates have also been reduced by up to 0.15% across the 95% LTV range, while cashback of up to £1,500 is being offered on selected deals. There are no booking or completion fees to pay and the West Brom will provide a free first standard valuation.