Better Fixed Mortgage Rates Over Two Years from the West Brom

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Building society the West Brom unveils a highly competitive range of two year fixed rate mortgages.

Those looking to minimise their monthly repayments can opt for a deal with a particularly low rate of interest, while others who want to reduce up-front costs can consider a mortgage with an incentive such as a free valuation.

The West Brom has reviewed its range of two year fixed rate mortgages, increasing customer choice with new product launches and cutting existing rates by up to 0.61%.

Some completion fees have also been significantly reduced as the building society looks to support borrowers with better deals to help them buy, move or remortgage.

For customers with smaller deposits who are seeking a competitive rate of interest, the West Brom has introduced a new two year fixed rate mortgage at 1.99% with a maximum loan to value (LTV) ratio of 75%.

Fixed until 30 September 2015, it has a £99 booking fee and an £895 completion fee and is available directly from the Society’s branch network or over the phone.

The West Brom’s headline two year fixed rate mortgage has been re-priced from 2.09% to a market leading 1.48%, fixed until 30 September 2015.

The maximum LTV ratio is 60% and the product comes with a £99 booking fee and a £2,395 completion fee. It is also available directly via branches or over the phone.

Two year fixed rate mortgage products available through the West Brom’s selected intermediary partners have also been improved. Rates have been reduced by up to 0.26% and now start from 2.19% (up to 60% LTV) with a free first standard valuation.

Selected completion fees have been lowered as well, such as the two year fix at 2.49% (up to 75% LTV) which is now £295 instead of £1,495 to keep it in line with similar products.

James Wright, the West Brom’s Divisional Director for Marketing and E-Commerce, said: “With these latest changes to our two year mortgage range we are offering solutions for a number of different customer needs.

“Those looking to minimise their monthly repayments can opt for a deal with a particularly low rate of interest, while others who want to reduce up-front costs can consider a mortgage with an incentive such as a free valuation.

“Increasing choice and constantly reviewing rates to ensure we remain among the market leaders are further demonstrations of the West Brom’s commitment to helping customers buy their own home.”

Newly priced two year fixed rate mortgages from the West Brom include:

Two year fixed rate at 1.99%, fixed until 30/09/2015 (direct only)
For loans up to 75% LTV; available to customers who are purchasing, moving or remortgaging; there is a £99 booking fee and an £895 completion fee; the overall cost for comparison is 3.7% APR.

Two year fixed rate at 1.48%, fixed until 30/09/2015 (direct only)
Up to 60% LTV; available to customers who are purchasing, moving or remortgaging; £99 booking fee; £2,395 completion fee; overall cost for comparison is 3.7% APR.

Two year fixed rate at 2.19%, fixed until 30/09/2015 (intermediary and direct)
Up to 60% LTV; available to customers who are purchasing or moving home; £99 booking fee; £295 completion fee; includes a free first standard valuation (worth up to a maximum of £525); overall cost for comparison is 3.8% APR.

The revert-to rate for each of the above mortgages is Bank Base Rate plus 3.49% (subject to BBR floor of 0.50%, currently 3.99% variable) for the term. Customers can borrow between £25,001 and £250,000.

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Rachael Jones

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