West Brom Building Society has reduced mortgage rates by up to 30bps while widening its product range, with a clear focus on borrowers approaching the end of existing deals.
The mutual has confirmed pricing cuts of up to 0.30% across its residential range, alongside the launch of new products aimed at first-time buyers, home movers and remortgage customers. The move comes as lenders continue to compete for business in a market where refinancing demand remains elevated.
Most notably, the society has reduced its two-year fixed rate at 80% loan to value for purchase with no fee from 5.50% to 5.20%, underlining the scale of repricing now feeding through to borrowers.
Alongside these reductions, two new two-year fixed products at 80% loan to value have been introduced. One is priced at 5.04% with a £999 fee and £500 cashback, while the other offers a 5.24% rate with no fee and £500 cashback. The options are designed to give brokers greater flexibility when placing cases, particularly where fee structures and upfront costs are key considerations.
The changes reflect a broader trend among lenders to rebalance product ranges as swap rates stabilise, with a growing emphasis on supporting remortgage activity. With a significant cohort of borrowers rolling off historically low fixed rates, competitive refinancing options are becoming an increasingly important battleground.
For brokers, the addition of cashback incentives and fee-free structures provides further scope to tailor recommendations to client circumstances, particularly where affordability remains tight or where borrowers are seeking to minimise upfront expenditure.
John Philips, product manager at West Brom Building Society, said: “Putting customers first means listening closely to what they and brokers are telling us. These rate reductions of up to 0.30%, alongside the expansion of our product range, are designed to give customers more choice and better value, particularly for those coming to the end of existing mortgages.
“We want to make sure people have access to competitive options that suit their circumstances, whether they’re remortgaging or planning their next move.”
