West Brom Building Society has launched a fee-free 95% loan-to-value (LTV) mortgage at 5.72%, alongside reductions to its discount variable and remortgage rates.

The new Core Purchase product is aimed at first-time buyers and home movers with smaller deposits, extending the society’s offering in the higher LTV market.

West Brom has also reduced the rates on two of its two-year discount variable mortgages, both of which track the society’s standard variable rate (SVR) and carry no early repayment charges.

The 90% LTV purchase product is now available at 4.40% with a £1,499 fee, while the equivalent remortgage deal has been reduced to 4.60%, also with a £1,499 fee and £500 cashback.

Unlike fixed-rate mortgages, the discount variable products allow borrowers to benefit from any reductions in the society’s SVR, although repayments could increase if the rate rises. The absence of early repayment charges also allows borrowers to switch products or repay their loans without incurring those penalties.

Further reductions have been made across West Brom’s remortgage range, including a two-year fixed-rate product at 80% LTV, now priced at 5.63% with £500 cashback.

John Phillips, senior product manager at West Brom Building Society, said: “Customers’ needs can vary significantly depending on where they are in their homeownership journey, which is why we’re focused on offering a range of competitive products that support different borrowing requirements.

“Whether it’s helping first-time buyers and home movers take their next step with a smaller deposit, providing flexibility through our Discount Variable mortgages, or supporting customers looking to remortgage, we’re committed to putting customers first and delivering good value through competitive rates.

“Our latest changes strengthen choice across the range and ensure customers can find a solution that works for their individual circumstances.”