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 Launches New Mortgage Products and Reduces Fixed Rates
West Brom Building Society has expanded its residential mortgage range with the introduction of new interest only and discount variable products. The lender has also reduced rates on selected three- and five-year fixed rate purchase products by up to 0.24%.
For interest only mortgages, West Brom has launched a two-year fixed rate purchase product available up to 60% loan-to-value (LTV) at 4.66% with a £999 fee. A corresponding remortgage product is also available up to 60% LTV, priced at 4.88% with a £999 fee and £500 cashback.
The new discount variable products include a two-year purchase option up to 90% LTV at 4.49% with a £999 fee. The remortgage version is available up to 90% LTV at 4.60% with a £1,499 fee and £500 cashback.
In addition to these launches, West Brom has reduced rates on selected products within its core three- and five-year fixed rate purchase range by up to 0.24%.
These changes may be relevant to letting agents and inventory clerks monitoring mortgage product trends and rate changes that could impact landlord and tenant activity in the UK property market.
Source: Mortgage Strategy