West Brom Building Society’s rate reductions across its core residential range with a view to support customers with lower deposits.
At 90% LTV, the society has reduced its two-year fixed purchase rate to 4.95% with no fee, down from 5%. A fee-paying option at the same LTV has also been cut, with the two-year fixed rate now at 4.69% with a £1,499 fee, reduced from 4.77%.
For those with smaller deposits, the society has also made reductions to its 95% LTV offering. Its two-year fixed purchase product with no fee has been lowered to 5.25%, down from 5.35%.
John Philips, senior product manager at West Brom Building Society, said: “Supporting customers with smaller deposits remains a key priority for us, particularly as building a deposit continues to be a challenge for many.
“By reducing rates across our higher-LTV range, we’re aiming to make homeownership more accessible while continuing to offer competitive options for brokers and their clients.
Episode 1: First-time buyers : Powered by Partnership podcast from Newcastle for Intermediaries
Sponsored by Newcastle for Intermediaries
“We know that flexibility matters, which is why we continue to provide both fee and no-fee options across our range. Our focus is on giving customers the choice and confidence to find a product that suits their needs, whether they’re purchasing a new home or looking to remortgage.”
Barclays makes series of cuts on its mortgage rates
Barclays has cut rates across residential, buy-to-let (BTL) and Existing Mortgage Customer reward ranges. Its biggest reduction is on its Great Escape two-year fixed rate remortgage at 80% LTV.
Residential remortgage: Two-year fixed rates have been reduced across 60%, 75% and 80% LTVs, including the 60% LTV product with a £999 fee, down from 4.66% to 4.57%, and the 75% LTV equivalent, down from 4.73% to 4.63%.
The Premier 80% LTV two-year fixed has fallen from 5.08% to 4.9%.
Five-year residential remortgage: Barclays’ Premier five-year fixed at 60% LTV with a £999 fee has been cut from 4.62% to 4.52%, while the standard 60% LTV option has reduced from 4.65% to 4.55%.
BTL purchase: BTL purchase reductions include the Premier two-year fixed at 60% LTV, down from 4.95% to 4.7%, and the standard 75% LTV two-year fixed, down from 5.15% to 4.92%. Green Home BTL five-year fixed rates now start from 4.59%, reduced from 4.95% at 60% LTV.
BTL remortgage: Remortgage-only cuts include the two-year fixed at 60% LTV with a £999 fee, reduced from 4.95% to 4.67%, and the 75% LTV no-fee two-year fixed, down from 5.5% to 5.1%.
Large-loan BTL purchase and remortgage: Products for loans between £1m and £2m have also been reduced.
The two-year fixed at 60% LTV has been cut from 5.05% to 4.8% and the five-year fix has been reduced from 5.05% to 4.69%.