The spokesperson at the lender said that it had removed the products at the start of the pandemic due to ongoing uncertainty in the market and to ensure it was lending responsibly. However, as it regularly reviews its product ranges it felt it was the right time to reenter the market to “provide more competitive products to borrowers”.
The products are aimed at first-time buyers and existing shared owners with smaller deposits. There are six fixed-rate products, split between 90 and 95 per cent LTV tiers. Two, three and five-year fixed rate terms are available.
The lender has also added three discounted variable rates on a two-year term. They are available at 85, 90 and 95 per cent LTV.
The maximum borrowers’ share across the range is 75 per cent.
The minimum loan for all products is £40,000, and for products at 85 and 90 per cent LTV the maximum loan is £500,000 whereas at 95 per cent LTV it is £350,000.
Highlights of the range include a two-year fixed rate purchase product at 3.59 per cent with no completion fee at 95 per cent LTV. There is also a five-year fixed rate purchase product at 3.69 per cent, which has no completion fee and £500 cashback.
Richard Scott (pictured), the West Brom’s head of intermediaries, said: “We’re pleased to be reentering the shared ownership market with a competitive range of products.
“Supporting first-time buyers and those looking for affordable routes into homeownership is a core part of our Purpose, and our new deals will help many more achieve their homeownership goals.”
Lenders and housing associations have said that the proportion of borrowers using shared ownership is expected to grow, especially with Help to Buy due to end in March 2023. However, there is general industry consensus that more consumer awareness and understanding of shared ownership is needed.
