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West Brom removes mortgage completion fees and improves rates

7th February 2016 Print

Building society the West Brom has reviewed its mortgage range, lowering fees and cutting rates by up to 0.30%.

Borrowers will no longer pay completion fees, resulting in savings of up to £800. Among the mortgages benefiting from this change is the West Brom’s five year fixed rate of 2.44% at a maximum loan to value (LTV) ratio of 65%. Targeted at new purchasers and home movers, this best buy product also includes a free first standard valuation.

Mortgages in the range with revised rates include the West Brom’s offer for remortgage customers at 90% LTV. They can access a fixed rate of 3.09% over two years, reduced from 3.39%.

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.

Mortgage rates with the West Brom, the UK’s seventh largest building society, start from 1.59% for a two year discounted variable rate at 65% LTV. There is no booking fee or completion fee charged on discounted variable mortgages.

Fixed rate mortgages are available over two, three and five year terms, starting at 1.69% for a two year fix (65% 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 who are looking to move.

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

All of the products in the range 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%.

David Taylor, the West Brom’s head of products, said: “These changes improve our proposition for mortgage customers, ensuring we can cater for a wide range of borrowing needs while consistently delivering good value.

“In particular the decision to remove completion fees helps customers understand exactly what the overall cost of borrowing will be and ultimately find the mortgage that is right for them.”