The West Bromwich Building Society has increased the maximum loan size it will offer for a house purchase at 95% loan to value (LTV).

Customers can now borrow up to £350,000, a change from the previous limit of £250,000.

Mortgage interest rates have also been reduced by up to 0.15 percentage points 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.

Rates now start from 2.84% (was 2.99%) for a two year fix at 95% LTV.  A new addition to the range is a three year fixed rate at 3.14%.  For a five year fix with £1,500 cashback at 95% LTV, the West Brom’s rate is 3.44% (was 3.59%).

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.”