The West Brom has launched a range of 10-year fixed rate products to support the long-term mortgage market, and provide competitive options for borrowers seeking security on their mortgage payments.
Available up to 80% LTV for residential purchases and remortgage, some of the deals feature a break option once the borrower is five years into their fixed-rate mortgage term, enabling borrowers to switch without incurring any early repayment charges, providing one of the most flexible options on the market.
The new products are available directly from the Society and through intermediaries.
Highlights in the new range include:
– 10-year fixed rate for remortgage of 2.54% at 80% LTV, £999 completion fee and £250 cashback. Early Repayment Charges apply during the 10 year term.
– 10-year fixed rate for remortgage of 2.84% at 80% LTV, no completion fee and £500 cashback. No Early Repayment Charges after 5 years.
Richard Scott, the West Brom’s head of intermediaries, said: “Following the recent increase of the Base Rate, there are concerns over inflation and how this may hit borrowers in 2022. We’re seeing a trend of borrowers wanting peace of mind on their monthly repayments for an extended period, beyond the current two-year and five-year fixed offerings.
“Adding 10-year fixed-rates to our current range provides further options for borrowers in the long-term mortgage market. Some of the products also include a break option once the borrower is five years into their fixed-rate mortgage term, where the borrower will not have to pay an early repayment charge, providing more flexibility for those who may want to switch at the half-way point.”
Mortgage products revert to the West Brom’s SVR at the end of the fixed rate term, which is currently 3.99%.
The West Brom is the UK’s seventh largest building society based in West Bromwich in the West Midlands.
