Reductions of up to 65 basis points (bps) have been applied to its shared ownership products. Its fee-free purchase product at 95% loan to value (LTV) has been cut from 5.99% to 5.43%, and it has added a two-year remortgage at the same LTV with no fee, a rate of 5.6% and £250 cashback.
The mutual has also lowered rates across its core offering, saying the changes would support borrowers with smaller deposits.
John Philips, senior product manager at West Brom Building Society, said: “Our ongoing focus is to support customers in achieving their homeownership goals, particularly those with smaller deposits who may face greater affordability challenges. These latest shared ownership reductions are designed to make a meaningful difference, helping more people take that important first step.”
“We’re also pleased to be returning to the shared ownership remortgage market, ensuring existing customers have access to competitive options when reviewing their mortgage. Alongside this, reductions in our 95% LTV core range can have a real impact, and we’re proud to offer products that stand out strongly in a competitive market.”
Last month, the mutual announced it completed over £1bn in new mortgage lending last year, with first-time buyers making up nearly three-quarters of its business.
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