West Brom slashes SVR for its new borrowers

New customers to the West Bromwich Building Society can now look forward to a revert rate at the end of their discount period that is a whopping 2.35 per cent lower than the SVR that existing customers have to pay.

The mutual launched a new range of products last week, all of which revert to bank base rate plus 3.49 per cent.

By contrast, customers coming to the end of their term with the old product range will revert to the building society’s old SVR, which remains at 5.84 per cent.

The most competitive product in the new range is a 2.59 per cent two-year fixed rate up to 60 per cent LTV.

It has a £1,895 application fee and a £99 booking fee.

The most competitive deal over five years is available at 3.64 per cent up to 75 per cent LTV, with a £99 booking fee and £899 application fee, and the most competitive tracker is a two-year product available at 2.64 per cent above base rate up to 75 per cent LTV, with a £99 booking fee and £1,995 application fee.

The society has also included a number of remortgage products with no completion fees, a free first standard valuation and free standard legal services.

West Brom divisional director for marketing and e-commerce Stephen Leonard says: “This launch represents a welcome return for the West Brom to the top of the best buy tables, delivering a really competitive range of mortgage products. Customers looking for low rates have a wide choice of fixed-rate or tracker deals with us.