West Bromwich Building Society has upped the value of cashback payments on a series of its fixed rate mortgages.
The building society says that the new deals will benefit first-time buyers, being centered around high-LTV products.
Specifically, the lender’s 95 per cent LTV five-year fix at 3.74 per cent has had its cashback feature increased from £1,000 to £1,500 and the two-year fix at the same LTV and set at 3.64 per cent now offers £1,250 cashback.
Meanwhile, the 95 per cent LTV two-year fix has had its rate cut by 0.10 per cent to produce 3.54 per cent and comes with £1,000 cashback.
West Brom head of intermediaries Richard Scott (pictured) says: “The West Brom is very supportive of the FTB market, with more than a third of all new lending in the first half of our current financial year being specifically directed there.
“While these latest additions to our range are not exclusively for FTBs, we think they will suit that particular market segment well because they offer good all-round value.”
“It can be very frustrating for a buyer when they’ve saved hard to get their deposit in place, only to find a number of additional costs related to their mortgage, such as arrangement fees and valuations, which need to be covered before they can proceed. Cashback payments are also a welcome addition that can be put towards other expenses associated with moving home,” he adds.