Mortgages  

West Brom ditches completion fees and cuts rates

West Brom ditches completion fees and cuts rates

West Bromwich Building Society has reviewed its mortgage range, lowering fees and cutting rates by up to 0.3 per cent.

Borrowers will no longer pay completion fees, resulting in savings of up to £800.

Among the mortgages being changed is the five-year fixed rate of 2.44 per cent at a maximum loan-to-value (LTV) ratio of 65 per cent.

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Mortgages in the range with revised rates include its offer for remortgage customers at 90 per cent LTV, at a fixed rate of 3.09 per cent over two years, reduced from 3.39 per cent.

As with all other remortgage products available from the society, this deal has the added incentive of no booking fee – a saving of £199 – and also includes fees assisted legals and a free first standard valuation.

Rates start from 1.59 per cent for a two-year discounted variable rate at 65 per cent LTV.

Fixed-rate mortgages are available over two, three and five-year terms, starting at 1.69 per cent for a two-year fix at 65 per cent LTV.

The West Brom is also offering customers cashback payments of up to £1,000 with selected fixed rate mortgages, particularly those aimed at first-time-buyers or existing homeowners with less equity in their current property.

These include a three-year fixed rate at 3.19 per cent and up to 90 per cent LTV, which pays £1,000 cashback upon completion and comes with a free first standard valuation.

These deals are available directly from the West Brom via branches or over the telephone, as well as through selected intermediary partners.

End dates have been extended until 31 May.

Products revert to the society’s standard variable rate, which is currently 3.99 per cent.

Adviser View

James Carter, principal at broker Independent James, said that lower fee products such as this are always attractive to certain sections of the market.

“I applaud the option. This will mainly be of benefit to smaller loan sizes; more West Bromwich than West Hampstead.”

peter.walker@ft.com