West Brom signals commitment to aspiring homeowners
Building society the West Brom is making new funds available to support borrowers eager to buy a house or switch their existing mortgage deal.
The Society has unveiled a new range of competitive fixed rate and tracker products as it steps up activity in the prime residential mortgage market.
Chief executive Jonathan Westhoff said: “We have not been as prominent in lending in recent years, but the Society has been through an extensive period of preparation to make sure we have the right systems and product range in place to firmly re-establish our position.
“Our rates are among the keenest on local high streets and customers can access expert advice from our branch network and direct mortgage sales centre whatever their borrowing needs.”
Underpinning the West Brom’s new mortgage range is a modernised branch network. The majority of branches have now been completely refurbished, with improved facilities and in many cases increased private space for customer consultations with a personal mortgage manager.
The Society has also made substantial investment in a leading automated support system which has the potential to reduce mortgage processing times by up to 50%.
Jonathan added: “Re-establishing ourselves in the mortgage market is an exciting development for the Society and we are delighted to be supporting customers with a comprehensive and competitively placed offering.
“It confirms our reputation as the leading building society in Birmingham and the Black Country, showing we not only look after savers but also borrowers when it comes to their aspirations for home ownership.”
Current examples from the West Brom’s new mortgage range include:
Two-year fixed rate
3.19% fixed until 30/06/2014; the overall cost for comparison is 5.5% APR
For loans up to 75% loan to value
Available to customers who are purchasing or moving home
£99 booking fee; £900 completion fee
Early repayment charge of 3% until 30/06/2014
Five-year fixed rate
3.99% fixed until 30/06/2017; the overall cost for comparison is 5.2% APR
For loans up to 75% loan to value
Available to customers who are purchasing or moving home
£99 booking fee; £900 completion fee
Early repayment charge of 5% until 30/06/2015, followed by 4% until 30/06/2016, followed by 3% until 30/06/2017
Two-year Bank Base Rate tracker
Bank Rate plus 2.59% until 30/06/2014, currently 3.09% variable (subject to a minimum rate of 3.09%); the overall cost for comparison is 5.5% APR
For loans up to 75% loan to value
Available to customers who are purchasing or moving home
£99 booking fee; £900 completion fee
Early repayment charge of 3% until 30/06/2013, followed by 2% until 30/06/2014