Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
West Brom Building Society Cuts Rates on Two-Year Fixed Purchase Mortgages
West Brom Building Society has reduced rates across its two-year fixed purchase mortgage range, with cuts of up to 0.18%. The changes apply to all two-year purchase products offered by the lender.
At 95% loan-to-value (LTV), West Brom has lowered its two-year fixed purchase product with no fee to 5.15%, down from 5.25%. For 90% LTV, the two-year fixed purchase mortgage with no fee has been reduced to 4.77%, previously 4.95%. Customers borrowing larger amounts who choose a fee-paying option can now access a two-year fixed mortgage at 90% LTV with a £999 fee at a new rate of 4.64%, down from 4.73%.
These rate reductions may be of interest to letting agents and inventory clerks monitoring mortgage trends, as changes in mortgage rates can influence buyer activity and demand for rental properties. The adjustments provide a mix of fee and no-fee options for borrowers at both 90% and 95% LTV.
Source: Mortgage Strategy