The lender’s latest review of its two-year and five-year fixed-rate mortgage range combines new product launches and improvements to existing offers.
The headline mortgage, the two-year fix at 60% loan-to-value, has been adjusted to offer a lower fee and a higher loan-to-value threshold.
The product has been replaced by a new two-year fix at 1.59% for a maximum loan-to-value of 65%.
The completion fee, previously a jaw-dropping £2,300 on the leading two-year fix, has been cut to a more palatable £1,800.
Those who are borrowing a smaller amount may be interested in a higher-rate and lower-fee option at the same term and loan-to-value category.
An alternative two-year fix at 65% LTV has a rate of 2.39% and a fee of just £199. Borrowers will also receive a free first standard valuation, while remortgage customers receive assisted legal fees.
The same free-valuation / legal fees package applies to the lender’s two-year 80% deal, which has been sweetened by a 0.15% reduction to 2.59%. This makes the mortgage a strong competitor at this loan-to-value range, rivalling TSB and HSBC.
Market-leading five-year fix
For those who are looking to fix for longer to offset the inevitable rise in interest rates, the West Brom BS is also adding market-leading five-year fixes from 3.09%.
The deal is available for a maximum of 65% loan-to-value, and will suit buyers with a large deposit or homeowners with sizeable equity looking to remortgage.
The deal undercuts major high-street competitors by HSBC, RBS, NatWest and Nationwide by at least 0.20%.
Borrowers with smaller deposits or less equity can benefit from a 0.20% reduction to the existing five-year fix at 75% LTV, from 3.59% to 3.39%.
The long-term fix has a £599 fee along with a free first standard valuation, while remortgage customers receive a completion fee waiver (£400) and assisted legal fees.
The society also benefits from a strong standard variable rate of just 3.99%, although this may increase in the coming years along with the Bank of England base rate.
David Taylor, the West Brom’s head of products, said: “These changes improve our mortgage rates for customers looking to fix their repayments for up to five years. In particular there are options which should appeal to borrowers in the lower LTV brackets and those who want to remortgage to try and beat their existing deal.
“With a future change in Bank Base Rate looking ever more likely, fixing your mortgage now is something well worth considering so that monthly repayments remain the same.”
Fixed vs Variable Mortgages Video