It has also removed a completion fee from similar remortgage products.
First-time buyers and home movers taking out one of the mortgages with the mutual will receive £500 cashback on completion of an 85% LTV product, or £1,000 for the 90% LTV product.
They are available for loan sizes up to a maximum of £500,000 and include a free first standard valuation with no booking or completion fees.
The lender has removed completion fees of £400 from its remortgage products at both 85% and 90% LTV, which include a free first standard valuation with no booking fee.
West Brom head of products David Taylor said: “We know that many of the borrowers opting for products at up to 90% LTV are buying a home for the first time.
“Reducing the costs associated with taking out a mortgage means they can focus instead on saving for that all-important deposit.
“Those borrowers qualifying for cashback can also put the payment to good use against other essential expenses, such as stamp duty where applicable, conveyancing fees or even furnishing their new property,” he added.
The revised products are:
Five-year fixed rate at 2.59%, fixed until 30/06/2022
For loans up to 85% LTV; available to customers who are purchasing or moving home; no booking or completion fees are payable; includes a free first standard valuation (worth up to a maximum of £445); cashback of £500 payable upon completion; the overall cost for comparison is 3.5% APRC.
Five-year fixed rate at 2.99%, fixed until 30/06/2022
For loans up to 90% LTV; available to customers who are purchasing or moving home; no booking or completion fees; free first standard valuation (worth up to a maximum of £445); cashback of £1,000 payable upon completion; the overall cost for comparison is 3.7% APRC.
Five-year fixed rate at 2.54%, fixed until 30/06/2022
For loans up to 85% LTV; available to customers who are remortgaging; no booking or completion fees; free first standard valuation (worth up to a maximum of £445); fees assisted legals; the overall cost for comparison is 3.5% APRC.
Five-year fixed rate at 2.79%, fixed until 30/06/2022
For loans up to 90% LTV; available to customers who are remortgaging; no booking or completion fees; free first standard valuation (worth up to a maximum of £445); fees assisted legals; the overall cost for comparison is 3.6% APRC.
