West Brom Building Society has introduced reductions across its 5-year fixed rate purchase mortgage products, offering improved value for borrowers with both 90% and 80% loan-to-value (LTV) requirements.
For those with a 10% deposit, the society’s 5-year fixed rate has reduced by 0.28% to 4.40% with a £999 fee, while an alternative no-fee option is also available at 4.51%.
The society has also made reductions at 80% LTV, with the fee-paying 5-year fixed rate now 4.30%, representing a 0.27% decrease.
In addition to rate cuts, the West Brom is set to expand its product range by launching two new interest-only 5-year fixed rate mortgages with no minimum income requirement, but where a credible repayment vehicle is in place.
The product range includes one purchase product and one remortgage product at 4.30% and 4.45% respectively, both at 60% loan to value.
Aran Mann, product manager at West Brom Building Society, said: “In a market where borrowers are increasingly focused on affordability and long-term security, it’s vital that we offer a wide range of competitive and flexible options.
“Our latest 5-year fixed rate reductions are designed to help customers secure better value, particularly those who are looking to buy with a 10% or 20% deposit.”
“We’re also introducing new interest-only products in direct response to broker and customer feedback.
“In the current high-rate and cost-of-living environment, we’re seeing more customers with a solid plan for repaying their loan, whether through investments, savings, or other means, and for them, interest only borrowing offers a way to reduce monthly payments during the term.”
Mann added: “Listening to brokers and understanding the real-life challenges faced by our customers remains central to how we shape our mortgage offering.
“As a mutual, it’s crucial that we continue to respond in a way that supports people through changing market conditions and helps more people to secure and sustain homeownership.”
