The West Brom adds cashback and cuts rates

Published on

The West Brom building society has made changes to its fixed rate mortgage range, amending product rates and adding incentives including cashback.

Reductions of up to 0.45 percentage points have been applied to several existing mortgages and completion fees have been lowered by £700.

Cashback payments of up to £1,500 are being offered within the range alongside further incentives such as free valuations and fees assisted legals for remortgage customers.

The biggest improvement is the society’s five year fixed rate mortgage at a loan to value (LTV) ratio of 75%.  This has dropped from 2.39% to 1.94%.  It is for new purchasers or home movers, includes a free first standard valuation and has no booking or completion fee.

A new addition to the range is a five year fixed rate for purchasers at up to 65% LTV with £1,500 cashback payable upon completion.  The rate on this product is 2.19%.  Again there are no fees and a free valuation is included.

Similar options – a five year fix with £1,500 cashback – have been introduced across further LTV brackets between 75% and 95%.

Chris Yates, the West Brom’s senior product manager for mortgages, said: “Many borrowers appreciate the certainty that comes with a fixed rate mortgage and we are increasing the amount of choice available to them across two, three and five year terms.

“Where our proposition is particularly strong is in delivering true value for mortgage customers.  Many of our products come with a comprehensive incentives package that helps to reduce the overall cost of borrowing for people buying a home or looking to remortgage to a better deal.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Energy-efficient homes ‘may carry higher climate risks’

Some of the UK’s more energy-efficient homes could face greater long-term exposure to flooding...

New towns plan may help supply but risks falling short, says former RICS chair

The government’s announcement of seven proposed new towns has been broadly welcomed as a...

Buy-to-let mortgage rates rise as landlords face fresh cost pressures

Buy-to-let mortgage rates have risen sharply this month, while landlords are also facing further...

Virgin Money to take mortgage application systems offline for five days

Virgin money has announced that its Virgin Money and Clydesdale online application platforms will...

Parental support for adult children is reshaping retirement plans

Three in five parents with children aged over 18 are providing financial support, with...

Latest publication

Other news

Energy-efficient homes ‘may carry higher climate risks’

Some of the UK’s more energy-efficient homes could face greater long-term exposure to flooding...

Mutual strength and the broker partnership

The mutual sector has always been associated with community purpose, local branches and a...

New towns plan may help supply but risks falling short, says former RICS chair

The government’s announcement of seven proposed new towns has been broadly welcomed as a...