West Brom cuts five-year fixes by up to 0.55%

west brom

West Bromwich Building Society is cutting rates on its five-year fixed rate mortgages by up to 0.55 per cent.

The newly-priced range, available from 15 July, starts from 2.09 per cent for new purchasers and remortgage customers at 65 per cent LTV.

The biggest rate reduction in the range is at 85 per cent LTV, which has dropped from 3.14 per cent to 2.59 per cent.

The lender has cut rates for its 90 per cent LTV first-time buyer mortgage from 3.39 per cent to 2.89 per cent.

All products for new purchasers have a £199 booking fee, but this does not apply for remortgages. Remortagors also benefit from cheaper legal fees.

Borrowers at 80, 85 and 90 per cent LTV qualify for a cashback payment of £500 if they are purchasing or moving home.

Each mortgage reverts to the West Brom’s standard variable rate at the end of the five year fixed rate term, which is currently 3.99 per cent.

West Bromwich head of products David Taylor says: “The West Brom’s latest five year fixed rates are particularly competitive and we expect considerable interest in the products.

“There is a lot of uncertainty at the moment regarding Bank base rate, which direction it is going to move in and how quickly changes could happen.

“Fixing your mortgage rate is the only way of guaranteeing your monthly repayments for a set period of time, which makes it easier for homeowners to budget effectively and plan ahead.”