West Brom launches ten-year fixed range

west brom

West Bromwich Building Society is launching a ten-year fixed rate mortgage of 2.79 per cent at up to 65 per cent LTV.

The product launches tomorrow for house purchase and remortgage customers.

The lender also has a ten-year fixed rate loan of 2.99 per cent at 80 per cent LTV.

All ten year products have no completion fee and include a free first standard valuation worth up to a maximum of £445.

Remortgage customers also receive fees-assisted legals and do not pay the standard £199 booking fee.

West Bromwich head of products David Taylor says: “We are pleased to be adding ten year fixes to our options for borrowers, which increases choice depending on how long they want to protect themselves for against any increases in Bank rate.”

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

This week also saw Coventry for intermediaries launch a range of 10-year fixed rate mortgages.

These include a 50 per cent LTV loan at 2.39 per cent with a £999 arrangement fee.

Coventry has also released a 2.49 per cent loan up to 65 per cent LTV, with a £999 fee, and a 50 per cent LTV mortgage at 2.69 per cent with no arrangement fee.

HSBC also launched a ten-year fix this week, at 2.79 per cent up to 70 per cent LTV and with no fee.

HSBC UK mortgage head Tracie Pearce says: “Fixing your mortgage rate for the long-term offers customers certainty that their mortgage repayments will not increase over that period.

“Our commitment to offering value to our customers can be seen with our 2-year fixed rate at 0.99 per cent, our 5-year fixed rate at 1.99 per cent and now our new 10-year fixed rate at 2.79 per cent.”